Story updated at 10 a.m. to reflect market activity.
Shares of 3M fell 0.4% to $141.92 in morning trading.
The analyst firm also lowered its EPS estimates for the company through 2016. Jefferies now expects 3M to report earnings of $7.43 a share for 2014, down from prior estimates of $7.45 a share. The analyst firm lowered its EPS estimates for the company to $8.20 a share for 2015 and $9.20 a share for 2016, down from $8.30 and $9.30, respectively.
The lower price target and EPS estimates are due to lower end-market demand, according to Jefferies analysts.
Separately, TheStreet Ratings team rates 3M CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate 3M CO (MMM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."