biedex.com – component 3M (NYSE:) slid in midday trading Monday following a sell-side downgrade citing litigation overhang concerns over perfluoroalkyl and polyfluoroalkyl substances (PFAS).
Citi downgraded the stock to neutral from buy with a $180 price target.
Shares fell 0.5%.
“While we think MMM’s shorter-cycle end markets could be closer to a bottom and execution seems poised to improve, growing PFAS-litigation related risks could be a lingering overhang that prevents a re-rating to its former premium multiple,” Citi analyst Andrew Kaplowitz wrote.
3M (NYSE:) told Congress in September that it has not been established that PFAs cause health problems.