Oppenheimer Maintains Perform on Disappointing-But-Expected 1Q Guidance from Scotts Miracle-Gro

Oppenheimer has published a research report on Scotts Miracle-Gro SMG after the company reported disappointing but expected 1Q guidance. In the report, Oppenheimer writes, "SMG's fiscal 1Q guidance is disappointing though not unexpected, as the company had warned that results would be below year-ago levels. That said, it maintained its full-year sales guidance and has now locked-in 60% of its commodity needs for F12, reducing the risk of unexpected cost pressures. Nonetheless, we are also maintaining our Perform rating on SMG as we expect continued margin pressures and higher spending levels to make EPS growth this year particularly challenging." Oppenheimer maintains its Perform rating on Scotts Miracle-Gro, which is currently trading up $0.34 from yesterday's $44.47 closing price.