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Fly News Breaks for May 2, 2018
SMG
May 2, 2018 | 07:12 EDT
As previously reported, BofA/Merrill double downgraded Scotts Miracle-Gro to Underperform from Buy and cut its price target to $80 from $100. Analyst Christopher Carey said its harder to justify Scotts' premium valuation as multiples compress across the Staples sector. The analyst also sees risk to consensus estimates due to external headwinds and lack of catalysts for valuation improvement with M&A behind it and low visibility into a turnaround at Hawthorne.
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