My Top Beaten-Down Industrial Conglomerate Stock to Buy and Hold for the Next Decade
After the worst start to a year in over 50 years, everyone would like to forget the stock market's performance for the first six months of 2022. Even after rallying hard since the beginning of July, the S&P 500 remains down 11% year to date.
Yet some stocks continue to lag the popular index's performance, failing to enjoy the same sort of recovery most other companies did. Moreover, because their businesses aren't broken, they remain good long-term picks for an investor's portfolio because you can pick them up at a relative discount to where they previously traded and they still have great growth potential.
One of the best that fits the bill just might be industrial conglomerate 3M (NYSE: MMM), which is down 18% this year after losing 25% of its value over the past 12 months. Remember: A low stock price is not reason enough to buy a business; it needs to be able to recover in the years to come. That's why 3M should be on your short list of stocks to buy and hold for the next decade.
Source Fool.com
