2024-07-19 16:13:26 ET
Summary
- 3M investors who ignored MMM's peak pessimism have performed remarkably.
- MMM has consolidated well along the $100 level. Selling enthusiasm has also been lacking.
- 3M's new leadership team must execute well in the second half to meet its FY2024 guidance promulgated previously.
- MMM's attractive valuation has likely baked in execution risks, providing more time for the company to deliver.
- I argue why the MMM's rally is far from over as it continues on its stellar turnaround opportunities.
3M: Investors Looked Past Peak Pessimism
Industrial stocks like 3M Company ( MMM ) have performed well recently, as the sector rotation has bolstered the sector. Investors have remained calm even as MMM revised its dividend per share payout downwards. As a reminder, the dividend revision is necessary for 3M to reignite a healthier recovery trajectory as a "reset" from spinning off Solventum (3M's previous healthcare business)....
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For further details see:
3M: The Turnaround Isn't Done Yet