3M Co (NYSE:MMM) Initiated with a Sell Rating
Stock Traders Daily has initiated shares of 3M Co (NYSE:MMM) with a sell rating. The shares have a high PE multiple and a growth rate that is expected to be mediocre at best this year, and that combination puts valuation into question.
The good news is that projected earnings growth shows improvement next year, but that is a very long ways away and the shares are currently trading at resistance levels.
The combination of currently subdued relative growth rates, stretched valuation, and technical resistance indicators tell us that upside is limited and he probability of aggressive declines back towards longer term support levels are likely in the months ahead.