Why Scotts Miracle-Gro Stock Jumped Today
Shares of Scotts Miracle-Gro (NYSE: SMG) were moving higher today after the struggling lawn care products company got an analyst upgrade.
As of 12:39 p.m. ET, the stock was up 10.1% on the news.
Barclays analyst Gaurav Jain upgraded his rating on Scotts from neutral to overweight, saying that he expects the company to delever rapidly even if macroeconomic conditions remain difficult. He predicted the company would deliver free cash flow per share of $6-$8, which gives the stock a price/FCF ratio of less than 10. Jain maintained his price target at $75 a share, implying upside potential of 50%.
Source Fool.com
