Scotts Miracle-Gro downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Gaurav Jain downgraded Scotts Miracle-Gro to Equal Weight from Overweight with a price target of $70, down from $105. Nielsen data for the U.S. consumer is “very weak” and below what Scotts has assumed in its guidance, the analyst tells investors in a research note. While weather trends could improve over the next two months, it is highly unlikely that the company will beat fiscal 2023 earnings estimates, says the firm. It downgrades Scotts Miracle-Gro on a weaker near-term earnings outlook while noting “the 24 months de-lever narratives still holds.”