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 has agreed to pay New Jersey up to $450 million to settle a claims accusing the Minnesota-based company of widespread contamination from so-called forever chemicals, which have affected drinking water in the state.