Investors don’t seem to understand the significance of 3M’s recent PFAS settlement with New Jersey, according to BofA Securities.

The state claimed “forever chemicals,” also known as PFAS, contaminated groundwater from an industrial park where they were used for decades.

M will pay the state of New Jersey up to $450 million through the next 25 years to settle claims of PFAS contamination. The Maplewood-based manufacturer sold the “forever chemicals” to the DuPont Chambers Works facility in the Garden State for many years.