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  4. Scotts Miracle-Gro Downgraded by Wells Fargo Based on 3 Key Elements
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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...
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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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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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