Wolfe Research analyst Nigel Coe argues 3M's sharp 7% share-price drop was an overreaction. The company delivered an in-line quarter with organic growth of 2.2% and margins at 21.1%. Coe contends the fundamental story remains intact despite the stock being the firm's weakest performer.

The selloff appears driven by a softer-than-expected Consumer segment performance, which caught some investors off guard. However, Wolfe Research notes encouraging trends in Safety & Industrial and Transportation & Electronics, where results matched models. Management remains confident the Consumer unit can grow this year.

Coe maintains 2026 EPS estimates at $8.66, seeing risk-reward as skewed favorably with over 50% upside in a bull case. The firm believes 3M continues tracking in line or ahead of its medium-term commitments, suggesting the recent decline offers a buying opportunity for long-term investors.