From an actual Wall Street “research” report this morning—and, before you ask, no, this is not from “The Onion”:
We are upgrading 3M to Neutral as capitulation on the growth story and 2011 estimates should limit relative downside and make 3M once again somewhat of a defensive stock. While the negative dynamic of positive sentiment has turned modestly more favorable, stubbornly bullish consensus estimates for ’12, along with risks at Healthcare, keep us from moving to Overweight. Anyone care to venture what this means?
Jeff Matthews I Am Not Making This Up
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