Scotts Miracle-Gro price target lowered to $62 from $69 at Jefferies

Jefferies lowered the firm’s price target on Scotts Miracle-Gro (SMG) to $62 from $69 and keeps a Buy rating on the shares. Shares are down as the market focuses on the magnitude of list price reinvestment at retail to drive recent unit velocity for the brand and appears to be “taking the under” on Scotts’ ability to increase prices in FY26 given recent promo activity, the analyst tells investors. However, sell-through is “strong,” share gains are “apparent,” and guidance is “largely-intact,” the analyst argues.