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June 14, 2023Target shareholders continue to bear the brunt of the big-box retailer’s Pride merchandising controversy, as the company’s stock fell again on Thursday with the total loss in value hovering around the $13 billion mark.
Target finished down another 0.4% when the market closed, leaving shares worth $131.27 after eclipsing $161 just last month.
Since the backlash, Target’s market cap has fallen roughly $13 billion to $60.06 billion as of Thursday’s closing price. Target’s market value was over $74 billion before the polarizing Pride displays made national news, as tracked by Dow Jones Market Data Group.
Target initially irked conservatives with Pride displays that featured a plethora of children’s items, but outraged the LGBTQ community when the displays were dialed back ahead of Pride Month. The retailer recently suffered nine straight days of losses on the heels of backlash from both sides of the issue.
KeyBanc Capital Markets on Monday cut the retailer’s shares to “sector weight” from “overweight” as the resumption of student loan payments stipulated by Congress’ debt ceiling agreement poses a sizable headwind for discretionary spending for shoppers, which has an elevated discretionary sales mix and a younger, college-educated core consumer demographic.
JPMorgan Chase & Co. downgraded Target stock last week from “overweight” to “neutral,” with analysts citing the possibility of a decline in sales due to consumers pulling back spending amid persistent inflation.
Target shares have fallen over 20% during the quarter as the retailer deals with the fallout from its Pride merchandising displays.
