The market for 3M (NYSE: MMM) stock is on fire, with shares rising by 7% in the final week of February and 65% in the preceding 12 months, and there is more upside ahead. The strong technical indicators point to a move to $175, possibly higher by midyear. The reason is simple: this once-Dividend King is back in action with its legal troubles behind it and business growth in the forecast.
The business highlights from 2024 include a rapidly improving balance sheet and capital return outlook, including investor-attracting distribution increases and share-count-reducing buybacks. The takeaway is that market fears have been alleviated, and the premium this stock deserves is getting priced in and may result in a new all-time high for this industrial stock by year’s end.
