EARN25

3M Stock Nears $100 After Bull Note

MMM could see more upgrades in the near future

Deputy Editor
May 10, 2024 at 10:06 AM
facebook X logo linkedin


Blue-chip consumer goods conglomerate 3M Co (NYSE:MMM) is 1.4% higher this morning to trade at $98.69, after HSBC upgraded the stock to "buy" and raised its price target to $115. In the bull note, the analyst pointed towards an improving macroeconomic backdrop that could help 3M see more growth. 

3M stock is now within a chip-shot of its May 1, 16-month high of $99.70. The shares' 30-day moving average caught a mid-April pullback, a trendline that's alternated between support and resistance during MMM's zig-zag year. Despite highs near $100 and lows near $70 in the last 12 months, the equity boasts a 17.9% year-over-year lead.

Analysts were overwhelmingly pessimistic towards the security coming into today. Of the 12 in question, 10 carried a tepid "hold" or worse rating, while the remaining two called MMM a "strong buy." Considering MMM's technical strength, this leaves MMM open to additional upgrades. 

These options traders are in luck, as the equity sports affordably priced premiums at the moment. The stock's Schaeffer's Volatility Index (SVI) of 20% sits in the 11th percentile of readings from the past 12 months, indicating options players are pricing in low volatility expectations for MMM. Plus, its Schaeffer's Volatility Scorecard (SVS) stands at a high 92 out of 100, indicating the stock's exceeded option traders' volatility expectations in the past 12 months.

 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here