I've been relatively bearish on MMM throughout the last 5-7 years. I've never really found the draw to the company.
It operates as somewhat of a bond proxy (an equity that acts like a bond. High yielding, slow growing, and reliable. However, with rising rates impacting margins and free cash flows being at a near decade low, It's definitely had its struggles. Not only with overall growth, but with litigation issues as well.
The top line has only grown by about 10% over the last decade. There is only so much you can do to improve margins and drive profitability until ultimately, you need more coming in the top to turn out profits at the bottom.
That said, at only 11 times trailing cash flows it is no doubt cheap. If someone wanted to play it as a short-term rebound play if interest rates start to get cut in the next year or so here, I think there is some upside potential. It's just not a company I'd want to hold for the long term.