3M: Time To Close Your Position (Rating Downgrade)

3M's sales remain flat, with no signs of a true turnaround, despite some resilience across business divisions and modest organic growth. Profitability has improved, but inventory and receivables increases raise concern about demand and cash flow, respectively. Full-year guidance indicates continued sluggish sales, and a slowdown in EPS and margin growth, while tariff headwinds are less severe than feared.