Target stock downgraded as Pride merch backlash pushes losses near $14 billion targetpride Target
Target joined Bud Light on the LGBTQ marketing bandwagon this spring.Another major capital investor downgraded its assessment of Target stock on Monday, as its sharesKeyBanc Capital Markets on Monday cut the retailer’s shares to “sector weight” from “overweight,” following a similar move by JP Morgan Chase.
Target shares closed Monday at $130.52 per share, giving the company a stock value of $60.24 billion, down from over $74 billion before the Pride displays made national news for, among other things, including women’s swimwear with a “tuck” in the groin area and a Satanist-designed clothing line.
KeyBanc and JPMorgan Chase analysts also noted that Target’s customers are younger, and more college-educated and thus more likely to be affected by both ongoing inflation and the end of the moratorium on student-debt repayments.
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