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Target market cap losses swell to $15 billion as shares drop again amid woke backlash
[NYPOST] Target shareholders took a beating again on Friday, with the big-box retailer’s stock falling 3.26%.The backlash from the Pride controversy coincides with the stock losing over $15 billion in market value since mid-May. Shares plummeted to $126.99 when the market closed after eclipsing $161 just last month after a third Wall Street firm downgraded the shares on concerns over slowing sales. Since the controversy began, Target’s market cap has fallen $15 billion to $58.61 billion as of Friday’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 items such as "tuck-friendly" women’s swimsuits, but the LGBTQ community became outraged 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 and finished the week with another losing streak. Entering Friday, Target’s stock value had fallen roughly 3.1% in the last five days, after plummeting about 18.5% the last month. Already near a three-year low, Target shares have been hit with a series of downgrades amid the controversy over Pride products. The company’s latest snub from Citi analyst Paul Lejuez lowers the stock to neutral from buy and pits the troubled retailer against rival Walmart, which Lejuez said in a note on Friday would begin gobbling up market share. Posted by: Fred 2023-06-11 |
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