Scotts Miracle-Gro Co.’s stock SMG rose 3.7% in premarket trades on Monday after JPMorgan Chase upgraded the stock to overweight from neutral, partly on lower commodity costs for the fertilizer maker, while keeping its price target at $80 a share. “As a base case, its raw material pressure has come to an end, and the company is poised to receive significant raw material benefits,” analysts said. “The company’s cannabis related businesses are reaching a cyclical low-point in F2023, and profits are poised to rebound – which is to say, moving from large operating losses to minimal profits.”
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