Scotts Miracle-Gro upgraded to Buy from Hold at Jefferies

Jefferies upgraded Scotts Miracle-Gro (SMG) to Buy from Hold with a price target of $69, down from $72. The firm says that with 5% of the company’s cost of goods sold exposed to tariffs, lawn and garden spend being “resilient” during economic contractions, and a potential tailwind as households trade-down from do-it-for-me to do-it-yourself, it has confidence in Scotts Miracle-Gro’s fiscal 2025 EBITDA growth view. In 2025, Jefferies believes stocks with little international sourcing exposure and “defensive” business models as quality “hide-outs” for alpha. Scotts “checks those boxes,” the firm contends.