Jim Cramer on 3M Company: “You Have My Blessing to Buy It Right Here”

3M Company (NYSE:MMM) is one of the stocks Jim Cramer shared his take on. Cramer shared his “contrary view from the Street” on the stock, as he commented:

… When the company reported on Tuesday morning, I think the market got it wrong. First of all, the stock was just hammered… I think Wall Street totally overreacted to that latest quarter… Overall, I think you could call it a mixed bag, but you know what? I think that’s too negative in itself. A little less than a year ago, 3M held an investor day where they rolled out some medium-term financial targets for 2025 through 2027. And when management announced its full-year forecast for 2026 this week, the numbers show that 3M is mostly ahead of schedule, on its way to those medium-term targets. Nothing wrong with that… My view: Look, I don’t mind a conservative forecast that can be beaten, and I do think it will be beaten because 3M has now quietly beaten the earnings estimates for 12 straight quarters, including all six quarters where Brown has been leading the company. So it wouldn’t surprise me if they can put up 9% earnings growth this year when all is said and done…I’ve read the whole conference call twice. If you listen to what management said about the consumer unit, you would feel a lot better than what the headlines indicated…

… Put it all together, I see a company that remains very much on track. I know this is a contrary view from the Street. The turnaround is real. People feel it’s not anymore. Best of all, Brown talked about how 3M has returned to a culture of innovation after years of playing defense… Here’s the bottom line: After this harsh pullback, I think you’re getting a chance to buy into a great turnaround story for the first time, and at a discount, first time, I’ve seen. 3M looks very cheap to me, selling for just under 19 times the midpoint of their full-year earnings forecast. A forecast, I expect them to beat. You have my blessing to buy it right here, right now, tomorrow morning.

Photo by Adam Nowakowski on Unsplash

3M Company (NYSE:MMM) is a diversified global conglomerate that provides industrial, safety, healthcare, electronics, and consumer products.

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Disclosure: None. This article is originally published at Insider Monkey.