BREAKING: JPMorgan Downgrades Target Stock As Company Sees Worst Streak In Decades
By Mark SteffenJune 1, 2023
Target is off to a terrible start to Pride Month, an irony not lost on observers of the brand’s ongoing controversy.
On Thursday JPMorgan downgraded its outlook for the retailer as Target tries to shake off its longest losing streak in 23 years following a massive outcry over the company’s decision to sell LGBTQ-themed gear in honor of the month recognizing the community. The bank predicts a new price target of $144, down from $182, for Target’s stock just as the summer season begins and Americans go shopping for vacations and backyard gatherings.
https://twitter.com/charliekirk11/status/1664286152243937281“We continue to believe that the consumer is broadly weakening while the share of wallet shift away from goods (51% of [Target’s] sales) is ongoing,” wrote JPMorgan analyst Christopher Horvers. “While still positive on a [three-year] basis, [Target] has been giving back share on a [one-year] view and we believe this share loss could accelerate into back to school and linger into holiday given consumer pressures and recent company controversies. This could turn [Target’s] traffic negative after an impressive run of 12 consecutive positive quarters.”
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