Shares of 3M Co (MMM) are down 0.75% Friday, and an analyst note from JPMorgan's Stephen Tusa isn't helping matters.

You may remember Tusa from his scathing downgrades of General Electric (GE) . In the case of 3M, he acknowledged that he's been wrong on the rising stock thus far, bumping his price target to $207 from $201. However, he maintained his underweight rating on the stock. His target implies about 14% downside from current levels.

Tusa is "one my absolute favorite analysts," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment, but his analysis is a "bridge too far."

The stock is expensive on every metric, Tusa reasoned, to the tune of a 15% to 25% premium. Free-cash yield isn't impressive, either. The growth profile and current valuation just don't add up.

The analyst is basically saying that all of the drivers that have worked for 3M -- China, electronics and autos -- will not continue at the same pace going forward, Cramer said. However, he disagreed with Tusa's overall take that 3M is an underweight.

3M is an innovator and many of the new products that it creates turns into earnings very quickly for the company. CEO Inge Thulin is also very, very good, he added.

3M is a fabulous company and it always has been, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. And Tusa is a great analyst, but when it comes to this report, "I don't buy it," Cramer concluded.

General Electric is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

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At the time of publication, Cramer's Action Alerts PLUS had a position in 3M. 

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