Bernstein upgrades 3M, cites stronger growth and valuation outlook

** Bernstein upgrades industrial giant 3M MMM.N to "market perform" from "underperform"

** Shares were trading marginally higher before the bell

** New PT implies an upside of 2% from stock's last close

** Brokerage points to a structural overhaul of 3M's R&D function, improving visibility into product innovation and future growth

** Says reduced pressure from R&D challenges supports faster organic growth and a more favorable valuation outlook - Bernstein

** As of last close, stock was up 4.6% YTD, under performing the broader S&P 500's .SPX 12.5% gain