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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by Fox News:
Already near a three-year low, Target shares have been hit with a series of downgrades as consumer pushback on the retailer’s Pride merchandise continues.
Target’s stock value has fallen roughly 3.1% in the last five days, after plummeting around 18.5% the last month. The retailer’s market valuation has tumbled by nearly $15 billion since the controversy began, now sitting at $59.1 billion down from $74 billion, as of Friday.
The retailer, which has supported LGBTQ Pride for years, this season offered merchandise that included female-style swimsuits that have the option to “tuck” male genitalia. Other products were labeled as “Thoughtfully fit on multiple body types and gender expressions,” a “Gender Fluid” mug and a variety of adult clothing with slogans such as “Super Queer” among other items.
Citi analyst Paul Lejuez lowered the stock to neutral from buy, and issued a warning about rival retailer Walmart.
“We believe Walmart is likely to continue gaining market share, and Target’s high exposure to discretionary sales will not serve them well in the current macro backdrop,” Lejuez said in a note.
“Despite the recent stock pressure, we cannot recommend investors buy the stock given these dynamics and now believe the risk, reward is more balanced, but risk is more to the downside near term,” he continued.
Market cap down another $1.6B today. RT: Target shares downgraded again on sales concernshttps://t.co/wto1Z1XFfh
— Darrell B. Harrison (@D_B_Harrison) June 9, 2023
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