Lehman Brothers lowered its 2001 earnings per share estimate for Minnesota Mining & Manufacturing (MMM), saying most of the diversified conglomerate's businesses could be hurt by the weaker economy. The stock fell 7-11/16 to 111-5/16.
Analyst Donald Zwyer cut cut his 2001 EPS view to $4.80 from $5.20 to reflect economic conditions. He said that MMM's stock price does not leave much room for potential EPS disappointment. Zwyer is maintaining his neutral rating on the stock
Zwyer also said that excitement over new the company's new chief executive officer generated lot of interest in stock, but that investors may be disappointed by impact of weaker than expected economy on results.