Seeking Alpha: 3M: Just Sit Tight

Although I haven't finished detailed reviews of all the major industrial earnings reports for the December quarter, it is looking as though Honeywell International (NYSE:HON) and 3M Co. (NYSE:MMM) have managed to stay on track. In the case of 3M, the company's broad end-market diversity seems to be serving it well, but I wouldn't ignore the weakness in the company's Industrial and Electronics/Energy businesses, nor the weak results in the U.S.

Relative to Honeywell, 3M doesn't have quite the same attractive end-market exposures, but then aerospace and non-residential construction aren't looking quite as good now as they were a little while ago, and 3M's sizable healthcare exposure is looking like a solid plus in its favor. 3M isn't cheap, and Honeywell does look like a better relative value, but I'm in no rush to kick this stock out of my portfolio, particularly when the overall industrial outlook is pointing more towards a bunker mentality.

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3M: Just Sit Tight