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