On Friday, 3M Co (MMM) saw its shares fall slightly after JPMorgan analyst Stephen Tusa upped his price target to $207 from $201, but reiterated his underweight rating. His target implies about 14% downside.

Tusa acknowledged that he's been wrong on 3M so far, but found that the stock was expensive by 15% to 25% on every metric he used. At the time, TheStreet's Jim Cramer referred to Tusa as "one of my favorite analysts," but said his analysis is a "bridge too far."

In essence, Cramer disagreed that 3M is a sell.

3M CEO Inge Thulin
3M CEO Inge Thulin

3M has a 2018 outlook meeting on Tuesday, which could be good for the stock. Should investors buy ahead of the event? Cramer suggests buying a half-position now and adding to the position should the stock decline after the fact on a "sell the news" reaction.

CEO Inge Thulin has been "remarkable" and he continues to reinvent the company. Look for Thulin to tell a good story and discuss some of the "many irons in the fire" that 3M has, reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Cramer reiterated that he likes Tusa, particularly for his work on General Electric (GE) . Tusa nailed GE all the way through its big decline and Cramer says management should have talked to the analyst to get his input. And while he's done great work on GE, Cramer says Tusa will be wrong about 3M, something about which he has even more conviction after doing more research over the weekend.

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 GE. 

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