UBS downgrades Scotts Miracle-Gro to neutral

Scotts Miracle-Gro Co. SMG, -3.43% fell 0.7% on Friday after UBS downgraded the lawn care and cannabis growing equipment company to neutral from hold and cut its price target to $92 a share from $125 a share. “We believe limited top/bottom line recovery coupled with a levered balance sheet…will keep shares range bound until the next lawn and garden season,” UBS said. As for the company’s Hawthorne cannabis unit, UBS said is has yet to see any signs of stabilization in many markets, although it continues to believe in the long-term potential for the market.