Bank of America Merrill Lynch’s Vice President of Equity Research, Christopher Carey, just upgraded shares of Scotts Miracle-Gro Company (NYSE:SMG) from an ‘Underperform’ rating to a ‘Neutral’ rating alongside a price target of $72 USD per share.
Analyst Christopher Carey, regarding the Hold rating, said “fundamental challenges remain, but are reflected in a more balanced valuation.”
Based on a last-traded price of $69.76 USD for shares of SMG on the NYSE, Christopher Carey’s price target represents approximately 3.2% of potential upside.
Not only is Scotts expected to report fiscal year 2018 results soon, but the company’s cannabis-focused subsidiary, the Hawthorne Gardening Company, recently broke ground on its state-of-the-art cannabis research and development facility in partnership with Canadian licensed producer Flowr Corp. (TSXV:FLWR).
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