Jun 2, 2023 - News

Target, in the crosshairs, is taking a beating on Wall Street

A Target Pride installation in San Francisco. Photo: Justin Sullivan/Getty Images

The recent boycotts of Target over its in-store line of Pride merchandise are starting take a toll on the Minneapolis retailer.

Driving the news: JPMorgan analysts downgraded Target's stock Thursday and lowered their 12-month price target on the company.

Catch up fast: Conservative media outlets began calling for a Target boycott around May 22 over what they said were satanic designs.

  • Citing safety concerns for its employees, the retailer pulled certain items from stores, which prompted backlash from others, including Rep. Angie Craig, who said she was disappointed Target gave in to "bullies."

By the numbers: Since the boycotts began, Target's share price has dropped 14%, from $152 to $131.

Of note: The share price of Walmart, which has a Pride line but hasn't been in the crosshairs, is only down about 1% during the same period.

What they're saying: "We believe this share loss could accelerate into back-to-school [shopping] and linger into [the] holiday [season] given consumer pressures and recent company controversies," JP Morgan analysts wrote, per The Messenger.

avatar

Get more local stories in your inbox with Axios Twin Cities.

More Twin Cities stories