Stephens & Co. analyst Matt Olney maintains BOK Financial (NASDAQ:BOKF) with a Equal-Weight and raises the price target from $95 to $108.
Scotts Miracle-Gro’s Cannabis-Focused Subsidiary Reports 39% YoY Revenue Drop In Q1
The Scotts Miracle-Gro Company has reported financial results for Q1 2024, with sales dropping 22% to $410.4m compared to $526.6m the previous year. Net sales for its US consumer division fell 17% to $306.7m, while subsidiary the Hawthorne Gardening Company saw sales decline 39% from $131.5m to $80.1m. The firm's GAAP and non-GAAP adjusted gross margin rates stood at 15.2% and 13.7%, respectively, compared to 18.2% and 20.1% the previous year. The company's CEO and chairman, Jim Hagedorn, reaffirmed its guidance for high-single-digit growth in its consumer business. Meanwhile, for Hawthorne, the firm said it was taking "actions to ensure the business remains cash flow positive in fiscal 2024 and a major contributor to our debt paydown".
