2023-07-11 09:20:11 ET
Scotts Miracle-Gro ( NYSE: SMG ) on Tuesday was upgraded to Buy from a previous investment rating of Hold by analysts at Truist Securities. They said the maker of consumer lawn and gardening products is returning to a more predictable sales pattern as pandemic-related disruptions fade.
“Full-year 2024 will be the first normal operating environment for the company since full-year 2019,” Bill Chappell, analyst at Truist Securities, said in a July 11 report. “Simply put, we believe fiscal Q3 2023 results will mark the end of the ‘pandemic hangover,’ making now the time to buy the stock.”
Truist raised its price target on Scotts Miracle-Gro ( SMG ) to $80 a share from $65 a share, based on a price-to-earnings ratio of 28.5 times estimates for 2024. The analysts lowered their earnings estimates for the company.
More about Scotts Miracle-Gro
- Scotts Miracle-Gro's stock gains on upgrade to Overweight at JPMorgan
- Scotts Miracle-Gro rises after upgrade to Buy at Stifel
- Scotts Miracle-Gro falls after downgrade to Equal Weight at Barclays
- Scotts Miracle-Gro rises after upgrade to Overweight at Wells Fargo
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Scotts Miracle-Gro upgraded to Buy at Truist Securities