2023-04-26 09:20:28 ET
Scotts Miracle-Gro's ( NYSE: SMG ) stock declined on Wednesday after analysts at Barclays Capital downgraded the maker of lawn and garden products to Equal Weight from a prior investment rating of Overweight. Shares fell 2.3% in premarket trading by 9:18 a.m. ET.
Barclays said the maker of lawn and garden supplies is faced with weakening consumer demand, as indicated in data from research firm Nielsen.
"Nielsen data for U.S. consumer is very weak and below what Scotts Miracle-Gro ( SMG ) has assumed in its guidance," Gaurav Jain, analyst at Barclays, said in an April 26 report. "While weather trends can improve over the next two months, we think it is highly unlikely that Scotts Miracle-Gro ( SMG ) will beat our full-year 2023 estimate for EPS."
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Scotts Miracle-Gro falls after downgrade to Equal Weight at Barclays