In a recently released analyst research report, Raymond James Financial‘s Equity Research Analyst, Joseph Altobello, reiterated his “Outperform” buy rating on shares of Scotts Miracle-Gro Company (NYSE:SMG) (FRA:SCQA) with a higher price target.
Despite the fact that Scotts’ Q1 earnings failed to meet expectations in some regards, growth in the U.S. consumer segment combined with above-average sales growth within the company’s cannabis-focused division contributed to Altobello’s decision to raise his price target from $71 USD per share to $80 USD per share.
According to Benzinga, “The cannabis-focused Hawthorne subsidiary grew its sales by 84 percent, versus Raymond James’ expectations of 108 percent. Hawthorne sales were boosted by the acquisition of Sunlight Supply, but on a comparable basis the sales fell by less than 10 percent on the year, which is an improvement from the previous quarters’ drops of 30-40 percent. ”
Joseph Altobello’s new price target of $80 USD per share implies a potential upside of approximately 5.50% based on the last traded price of $75.80 USD on the NYSE.
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