Wells Fargo analyst Chris Carey raised the firm’s price target on Scotts Miracle-Gro (SMG) to $75 from $72 and keeps an Overweight rating on the shares. The firm is aggregating models across Beverage/Food/HPC and updating price targets. Wells notes that Scotts Miracle-Gro has historically commanded a mid-teens price-to-earnings multiple with low/high-ends a function of visibility on bias to estimates. The company is on track for its revenue, and seems potentially ahead on EPS, in the firm’s view, putting the stock toward the higher end of historical multiples as EPS catalysts come through.
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