Scotts Miracle-Gro price target raised to $70 from $50 at Truist

Truist analyst Bill Chappell raised the firm’s price target on Scotts Miracle-Gro to $70 from $50 but keeps a Hold rating on the shares after its better than expected Q1 results. The company’s lawn & garden season softness in 2022 appears to be more weather-driven, and the improved outlook should also allow Scotts Miracle-Gro to stay within its debt covenants for the foreseeable future, the analyst tells investors in a research note. The firm adds however that a neutral stance remains warranted, as the $300M cut to reorders by retailers in June remains "concerning" and implies a major change of how retailers are viewing the category.