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3M STOCK DROPS ON RATING DOWNGRADES - Capital Street FX

09-Dec
20:14 IST

3M’s stock is currently trading at 169.38-lower by 1.22% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.37%. The stock has pared some of its earlier losses after the opening bell.

Investment bank Citigroup downgraded the industrial conglomerate’s stock to neutral from buy. The investment bank lowered 3M’s ratings due to litigation risks related to the group of the chemical known as PFAs. Citigroup, however, reiterated a price target of $180 for stocks of the industrial conglomerate.

The investment bank expects the industrial conglomerate’s shorter-cycle end markets could be closer to a bottom and execution seems poised to improve. Stocks of 3M and Goldman Sachs have contributed about one-third of the DJIA’s intraday rally on Friday (6th Dec.). 3M cut its forecast for its annual earnings two times this year.

On the technical front, the RSI is currently at 51.80% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.

 

TRADE SUGGESTION- LIMIT SELL AT 169.80 TAKE PROFIT AT 167.80 STOP LOSS AT 170.80

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