The case for buying 3M (NYSE: MMM) is based on the idea that the company's second half of 2024 will be better than its first. It's a scenario many industrial companies hope will come true this year. Still, there are better ways to invest than 3M stock in 2024, and I think industrial-supply company MSC Industrial Direct (NYSE: MSM), copper miner Freeport-McMoRan (NYSE: FCX), and specialty-alloy company Carpenter Technology Corporation (NYSE: CRS) are better options. Here's why.

Wall Street analysts aren't expecting much in top-line growth for 3M and MSC in 2024, about 1% and 1.4%, respectively. However, it's worth noting that those estimates (and 3M management guidance for organic sales estimated to be flat to up 2% on 2023) assume the healthcare segment is still part of the company. For reference, the healthcare segment is the only one of its four segments to report growth in 2023, and it's set to be spun off in the first half.

In addition, 3M's funding requirements for high-profile legal settlements are not precise yet, and there are question marks around its business model and operational execution, not to mention management's track record of meeting its guidance.

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Source Fool.com