3M (NYSE: MMM) has faced challenges in recent years -- and not just in the legal realm where it faced a number of lawsuits. The industrial conglomerate also has a track record of mediocre growth and margin erosion, which doesn't position it as a high-quality stock pick.

However, investing should be more about a company's potential than its past performance, and from that perspective, there's a compelling value case to be made for buying 3M stock now. But this opportunity may not suit all investors. Here's what you need to know to decide if it suits you.

Perhaps it would be better to outline what 3M isn't before explaining what it is. 3M is a value stock, but not a deep-value stock. In other words, it's not the high-risk/high-reward investment many aggressive investors seek. Neither is it a high-quality company with a strong moat that you can buy and forget about for 10 years. Nor is it a growth company that will shoot the lights out with rapidly rising revenue.

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Source Fool.com