Oppenheimer Maintains Perform on Scotts Miracle-Gro

Oppenheimer is out with its report today on Scotts Miracle-Gro SMG, maintaining Perform. In a note to clients, Oppenheimer writes, "We are reducing our fiscal 2012 EPS estimate for Scotts Miracle-Gro to $3.55 from $4.00 to better reflect heightened commodity cost pressures, most notably urea and diesel, as well as our expectation for higher incentive compensation expense. Until we gain clarity on these issues the stock is likely to remain around the $50 level, and so we are maintaining our Perform rating on the shares." Shares of SMG closed Friday at $49.99.