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. 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. Scotts Miracle-Gro has struggled this year as the company boomed and then busted with the pandemic cycle, and, like a lot of pandemic winners, it overinvested during the boom and is now forced to cut costs.