2024-06-17 14:49:26 ET
Summary
- Despite the strong rally recently, I see more upside for 3M Company stock prices.
- The top drivers include the Solventum Corporation spin-off and the settlement of its legacy lawsuits, both enhancing the clarity of its growth curve ahead.
- The attractive valuation multiples add further upside potential.
MMM stock: Still a buy at near 52-week high
I last wrote on the 3M Company ( MMM ) stock earlier this year in February. As illustrated by the chart below, I argued for a bullish thesis based on the following considerations :
3M recently settled its class action lawsuits involving the use of PFAS (aka, the forever chemicals)and combat earplugs. These settlements could improve public perception and lead to increased investment and investor confidence. MMM's current valuation is attractive, with a high dividend yield and favorable topline metrics.
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For further details see:
3M Company: Solventum Spinoff Creates More Upside Potential