UPDATE: Bank of America Lowers PO on Scotts Miracle Grow

Bank of America Merrill Lynch remains at an Underperform rating for The Scotts Miracle Grow Company

and decreased its price target from $51 to $39. Bank of America Merrill Lynch notes, “While shares are indicating a weak open, we maintain our Underperform on low visibility into the sales and margin recovery. Mgmt noted near-term challenges and plans to reassess this summer, but it also reiterated its long-term category growth prospects and said it sees no structural problems; we are less optimistic.” SMG closed at $43.05 yesterday.