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$75.78 1.5  2.0%

Last Trade - 08/05/18

Large Cap
Market Cap £15.62bn
Enterprise Value £17.43bn
Revenue £4.96bn
Position in Universe th / 6849

BUZZ-3M falls as Citigroup cuts to 'neutral' citing litigation risk

Mon 9th December, 2019 12:26pm
** Shares of industrial conglomerate 3M  MMM.N  down 1%
premarket after Citigroup cuts to "neutral" from "buy" on
potential long-term liabilities related to toxic chemicals
    ** While PFAS-related liabilities weigh on its valuation,
says Citi analyst Anfrew Kaplowitz, the company has the
potential for a return to EPS growth in 2020 and beyond
    ** There is little in the way of near-term catalysts that
could drive MMM back to its historical premium until more
certainty relative to MMM's PFAS-related liability emerges -
    ** 3M has faced lawsuits from people exposed to
cancer-linked chemicals called PFAS, used in Teflon, that have
contaminated their water supply
    ** Additionally, Citi says with industrial production having
peaked in December 2018, they view the "industrial cycle" is in
the midst of a mild downturn that could stabilize
    ** Upgrades Fortive Corp  FTV.N  to "buy"; names Emerson
Electric  EMR.N , Dover Corp  DOV.N , Honeywell  HON.N , Quanta
Services Inc  PWR.N , Aecom  ACM.N  and MasTec  MTZ.N  as its
"top picks"

 (Reporting by Medha Singh in Bengaluru)
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