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Shares of 3M (MMM) fell 1.1% to $169.91 on Friday after a JPMorgan Chase analyst lowered his price target on the consumer, industrial and health products company to $143 from $154.

JPMorgan analyst Stephen Tusa said in a research note to investors that he didn't see defense or growth at the St. Paul, Minnesota based-company and maintained his underweight rating. The company, he said, faces "record high inventories not seen in the 15 years of data."

Last month, 3M posted weaker-than-expected first-quarter earnings and said it will launch a restructuring plan, including 2,000 job cuts, that will re-align the company into four business units as it slashed 2019 profit forecasts.

3M said adjusted earnings for the three months ended in March were $2.23 per share, down 10.8% from the same period a year earlier and well shy of the consensus forecast of $2.49. Revenue fell 4.8% to $7.9 billion and again missed analysts' estimates of $8.02 billion as sales in China, as well as it automotive and electronics divisions, were "collectively down mid-single digits."

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Looking into 2019, 3M said it sees earnings in the range of $9.25 to $9.75 per share, down from a prior forecast of $10.45 to $10.90, and it slashed its organic sales growth forecast to a range of down 1% to up 2% from a previous estimate of 1% to 4%.