Wells Fargo analyst Chris Carey lowered the firm’s price target on Scotts Miracle-Gro to $65 from $75 and keeps an Overweight rating on the shares. While excess inventory through the year had always been a risk factor, events have converged to make this one of the worst years on record with Scotts Miracle-Gro issuing a FY23 guidance implying EPS below $1/share, the analyst tells investors in a research note. It will take time for things to change, and the stock likely won’t move in a straight line, the firm contends.
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