UPDATE: Goldman Sachs Downgrades 3M to Sell

Goldman Sachs downgrades 3M (NYSE: MMM) to Neutral on lack of near-term catalysts.

Goldman Sachs says, "Sentiment likely remains positive on late-cycle, but also improves on US auto and housing from depressed lows given signs of life (SAAR, home prices, employment) and reversion optionality."

MMM closed at $84.30 per share on Tuesday.