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Scotts Miracle-Gro Downgraded by Wells Fargo Based on 3 Key Elements

By Sam Boughedda Analysts at Wells Fargo, led by Chris Carey, downgraded The Scotts Miracle-Gro Company (NYSE:SMG) to Equal Weight from Overweight Wednesday, reducing the firm's...
Scotts Miracle-Gro Downgraded by Wells Fargo Based on 3 Key Elements © Reuters. Scotts Miracle-Gro (SMG) Downgraded by Wells Fargo Based on 3 Key Elements

By Sam Boughedda

Analysts at Wells Fargo, led by Chris Carey, downgraded The Scotts Miracle-Gro Company (NYSE:SMG) to Equal Weight from Overweight Wednesday, reducing the firm's price target on the stock to $85 per share from $115.

In a note to clients with the heading 'The Green Wave Isn't Coming...Meaning No Relief for This Story Until FY23," Carey said there are three key elements to the story, with the first two not improving until next year.

The elements are lawn/garden recovery, Hawthorne recovery, and levered balance sheet.

"#1 can't be proven until the FY23 season, with the FY22 season already starting to wind down as retailers clear inventory for the season ahead; and, the narrative around #2 (Hawthorne) became worse for us today, with our inaugural Cannabis Cultivator Survey published in conjunction with this note (an exhaustive effort reaching out to the US cannabis cultivator complex) showing an industry under significant duress, with little visibility on a turn," wrote the analysts. "This means the focus on SMG likely becomes more pronounced on #3, a levered balance sheet, which we expect to be elevated for the next 4 quarters, ending Sep FY-end at 5.5x but breaching 6.0x in Mar 2023 during the seasonal debt build, before ebbing thereafter."

Carey added that the four-quarter stretch seems "critical for the economy (slowing) and stock market (volatile), where any names with leverage likely see little support in our view."

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01-07-2022 00:16:27 (UTC+7)

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BASF SE NA O.N.

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Bayer AG NA

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Allianz SE VNA O.N.

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Adidas AG

168.76

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Deutsche Lufthansa AG

5.564

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Siemens AG Class N

97.09

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 EUR/USD1.0482Neutral
 GBP/USD1.2169↑ Sell
 USD/JPY135.63↑ Sell
 AUD/USD0.6906↑ Sell
 USD/CAD1.2872Buy
 EUR/JPY142.15↑ Sell
 EUR/CHF1.0000Neutral
 Gold1,809.45↑ Sell
 Silver20.348↑ Sell
 Copper3.6980↑ Sell
 Crude Oil WTI106.67↑ Sell
 Brent Oil109.82↑ Sell
 Natural Gas5.694↑ Sell
 US Coffee C230.25↑ Sell
 Euro Stoxx 503,454.86↑ Buy
 S&P 5003,792.80↑ Sell
 DAX12,783.77Neutral
 FTSE 1007,169.28Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,706.70↑ Sell
 IBEX 358,098.70Sell
 BASF41.525↑ Buy
 Bayer56.72Neutral
 Allianz182.12Sell
 Adidas168.76Buy
 Lufthansa5.564↑ Buy
 Siemens AG97.09↑ Sell
 Deutsche Bank AG8.318Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,810/ 6,870
(0/ 0) # 1,764
SJC HCM6,830/ 6,890
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SJC Hanoi6,830/ 6,892
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SJC Danang6,830/ 6,892
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SJC Nhatrang6,830/ 6,892
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SJC Cantho6,830/ 6,892
(0/ 0) # 1,785
Cập nhật 01-07-2022 00:16:29
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