The stock's recent pullback creates an "attractive entry point," Barclays claimed.
The firm raised its price target to $194 from $171 on shares of the maker of Post-it Notes and Scotch tape.
"The investment case is based on our view that the negative earnings revision cycle is nearing an end, greater visibility on key end markets - notably non-res construction and general capital spending, and a recovery in emerging markets," Barclays wrote.
The firm upgraded the U.S. multi-industry sector as a whole to "positive" from "neutral."
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
3M's strengths such as its solid stock price performance, notable return on equity, expanding profit margins, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: MMM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.