Stifel analyst W. Andrew Carter downgraded Scotts Miracle-Gro (SMG) to Hold from Buy with a price target of $71, up from $70. Last week’s stock reaction appropriately recognized the company’s “better than feared update,” the analyst tells investors in a research note. However, the firm views the updated U.S. consumer revenue guidance cadence negatively, which it believes likely underscores channel inventor risk. This nuance is underappreciated, limiting Scotts’ fiscal 2025 upside ahead of an uncertain fiscal 2026 with investment plans and below-the-line items driving Stifel’s below consensus outlook, the firm contends.
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