Go Woke, Go Broke: Target Stock Downgraded After Boycott Causes $13 BILLION Loss In Market Cap

On Thursday, J.P. Morgan Chase officially downgraded Target's stock after the company endured a brutal boycott that has seen it lose over $13 billion in market cap as the backlash against its promotion of LGBTQ merchandise continues.

According to CNBC, the bank downgraded the retail giant from overweight to neutral with a $144 price target which is down from $182.

The JP Morgan Chase CEO explained that the downgrade comes due to a weakening consumer, grocery disinflation, loss of market share, and overexposure to millennial customers.

“Today, we believe TGT sits at the center of a number of consumer headwinds,” JPMorgan analyst Christopher Horvers explained. “With 51% of its sales derived from discretionary categories (apparel, hardlines, and home), 49% derived from more consumable categories (which are facing disinflation), accelerating share of wallet reversion occurring, and student loans potentially coming due, we see the risk of downward earnings revisions rising.” 

Making matters worse for the company, the stock has fallen for its ninth straight day in a row, according to Fox Business.

As of this report, the stock sits at $128.26 which is a yearly low. It is so bad for the retail giant that the company has its lowest stock price since the beginning of the coronavirus pandemic in 2020.

As previously reported by the DC Enquirer, Target was exposed for offering multiple items with 'pride' messages on them that are available to be shipped. These bright-colored items have messages on them like 'Too Queer for Here,' 'We Belong Everywhere,' and 'Cure Transphobia.' In addition, the store offered tuck-friendly swimwear.

The most heinous of the products offered by the company, however, are for children and infants. Some of the shirts offered read 'Just Be You And Feel The Love' and other items that feature socks with the pride flag on them for children aged between 2-6, which they call ‘Happy Socks.’

It is clear that Target is suffering the consequences of a successful boycott after it promoted merchandise that goes against the values of the average American consumer. Hopefully, other companies take heed of these disastrous results and change their ways for the upcoming 'Pride' month.

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