This Scotts Miracle-Gro Analyst Is Turning Bullish: 2024 Could Be 'Best Year Ever'
Portfolio Pulse from Priya Nigam
Truist Securities analyst Bill Chappell has upgraded Scotts Miracle-Gro Co (NYSE:SMG) from Hold to Buy, raising the price target from $65 to $80. Despite a 40% gain year to date, the shares are considered among the most oversold materials stocks. Chappell believes that the company, which has a 60% market share in North America, is poised to benefit from the post-pandemic reversion of the US Consumer segment. He also predicts that 2024 could be the best year ever for the lawn and garden category.
July 11, 2023 | 3:21 pm
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Scotts Miracle-Gro's stock has been upgraded by Truist Securities from Hold to Buy, with a raised price target of $80. The company is expected to benefit from post-pandemic consumer trends.
The upgrade from Truist Securities, along with the raised price target, indicates a positive outlook for Scotts Miracle-Gro. The company's large market share and the expected end of the 'pandemic hangover' are likely to drive its performance, potentially leading to a rise in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100