Scotts Miracle-Gro price target lowered to $79 from $82 at Jefferies

Jefferies analyst Jonathan Matuszewski lowered the firm’s price target on Scotts Miracle-Gro (SMG) to $79 from $82 and keeps a Buy rating on the shares. The firm sees a favorable set-up ahead with Hawthorne day-to-day operations in the rearview, growth initiatives emerging, and cost-outs. As near-term progress reinforces a path from low single digit percentage growth historically toward mid-single digit growth over time alongside reduced financial leverage, Jefferies sees a growing valuation spread vs. peers consistent with a premium garnered pre-COVID.