J.P. Morgan Lowers Estimates on Scotts Miracle-Gro

A report from J.P. Morgan reiterates its Neutral rating and $45 price target, and lowers the 2011 EPS estimate from $3 to $2.75 on Scotts Miracle-Gro

. In the report, JP Morgan writes, “We lowered our F2011 (ended September) EPS estimate due to the effects of inclement weather in September (Hurricane Irene) which sharply reduced home garden activity in the eastern U.S. On October 10th, Scotts announced that 4Q:F11 results would be lower due to unfavorable weather and associated gross margin pressure”. SMG closed yesterday at $44.60.