3M Stock (NYSE:MMM) has faced uncertainty for years. That’s because the tools and equipment giant, known for its numerous patented products, has been grappling with challenges, including the earplugs lawsuit, increasing interest rates, and recent underwhelming performance. Consequently, shares have fallen by nearly 40% in the last five years. Fortunately, much of this uncertainty is softening, hinting at good upside potential at MMM’s current price. Thus, I am bullish on the stock.
Ongoing Earplug Lawsuit Progressing Relatively Favorably
Since the initial claims surfaced in 2016, 3M has found itself entangled in a protracted legal dispute, entailing nearly 300,000 allegations that its earplugs, which were employed by U.S. combat troops and manufactured by its subsidiary, Aearo Technologies, were flawed. Despite the subsidiary filing for bankruptcy the previous summer, a U.S. judge ruled in August of the previous year that this would not halt the litigation targeting the parent company.
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