Recommend trimming 25–35% of MMM exposure via 3–4 tranches over 3–5 trading days, scaling sales toward the upper Bollinger Band at $190.27, while maintaining a 65–75% core position with a hard exit below $179.50 on volume ≥6M shares; rebuild toward neutral weight in the $165–170 zone as the spin-off catalyst approaches and post-Q2 2026 earnings clarity emerges. The rating of Underweight reflects a technically overextended position with elevated RSI (~70), a 30%+ rally in ~6 weeks without pullback, and stretched valuation at 22.9–24.4x forward P/E despite modest 1.5% revenue growth and aggressive capital return funded by balance sheet compression ($4.8B returned vs. $1.4B FCF).