UPDATE: Morgan Stanley Reiterates On 3M Co On Challenges Ahead

In a report published Thursday, Morgan Stanley analyst Nigel Coe reiterated an Underweight rating on 3M Co (NYSE: MMM), but lowered the price target from $138.00 to $135.00.

In the report, Morgan Stanley noted, “We see a more challenging 2H and 2015 set-up for MMM driven by sluggish global growth and incremental cost pressures from F/X and pension. We expect the initial 2015 guidance range to come in below consensus, which could drive de-rating. We lower our PT to $135 vs. prior $138.”

3M Co closed on Wednesday at $139.18.