Scotts Miracle-Gro price target lowered to $62 from $68 at UBS

UBS lowered the firm’s price target on Scotts Miracle-Gro (SMG) to $62 from $68 and keeps a Neutral rating on the shares. The tone of meetings with members of the Scotts team was “broadly constructive,” and the company appears to be getting back to the basics with a heightened emphasis on innovation and advertising to drive household penetration and repurchase rates higher, the analyst tells investors in a research note. UBS thinks estimate revisions rather than multiple expansion will be needed for the stock to see meaningful upside.