Blue-Chip Stock Could Surge to Highest Level Since 2019

Core Insights - 3M Co (NYSE:MMM) stock is experiencing a potential fourth consecutive daily gain, currently trading at $171.74, having bounced off resistance at the $160 level and nearing its four-year high of $172.85 [1] - The stock's recent peak is accompanied by low implied volatility, with a Schaeffer's Volatility Index (SVI) of 23%, which is in the 17th percentile of its annual range, historically leading to a 70% chance of a price increase one month later, averaging a 2.6% rise [3] - Analysts show a generally bullish outlook on 3M stock, with six out of 16 brokerage firms still holding a "hold" or worse rating, indicating potential for upgrades [4] - Options traders are currently more bearish than usual, with a 10-day put/call volume ratio of 1.67, ranking higher than 98% of annual readings, suggesting that an unwinding of this pessimism could benefit the stock [5]