Scotts Miracle-Gro price target raised to $90 from $65 at Truist

Truist analyst Bill Chappell raised the firm’s price target on Scotts Miracle-Gro to $90 from $65 and keeps a Hold rating on the shares as part of a broader research note previewing Q3 results for Food/Beverage/Consumer Products names while adjusting its model to reflect the recent market dynamics. The firm notes that the stock decline since last reporting earnings reflects the Street’s acute focus on scanner data and the management’s somewhat misguided attempt to forecast the scanner data for Q2, but it also believes that now is the time to buy as the scanner issues have largely played out and the stock is trading at 22-times expected FY25 EBITDA – the lowest level since August of 2022.