Wells Fargo analyst Chris Carey initiated coverage of four cannabis stocks, with Scotts Miracle-Gro Co. drawing the most bullish comments, in a sign of Wall Street’s growing interest in the sector.
Wells Fargo analyst Chris Carey on Thursday initiated coverage of four cannabis stocks, with Scotts Miracle-Gro Co. drawing the most bullish comments, in a sign of Wall Street’s growing interest in the sector.
Carey set a price target of $180 a share for Scotts Miracle-Gro and said the stock is “flashing green” as a buying opportunity. The stock has dropped 30.3% in 2021, compared with a rise of 22.3% by the S&P 500 index. SPX, +2.13%fundamental opportunity – leader in lawn/garden and hydroponics – still ahead,” Carey wrote in a research note.
Unlike its peers, Scotts Miracle-Gro is also well established in the broader garden sector with a major presence at major retailers such as Home Depot Inc. and Lowe’s Cos. Inc. LOW, +2.03%, he said. GrowGeneration shares are down about 61.8% this year, compared with a loss of 24.5% by the Cannabis ETF THCX, +5.40%.
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