More good Pride Month news coming from the corporate world!
Target is paying the price for pushing transgenderism on kids.
JP Morgan just downgraded Target's stock as an ongoing boycott of Target has hurt the stores' bottom line, losing them BILLIONS of dollars.
According to CNBC, JP Morgan Chase is downgrading Target's stock because the conservative moms' boycott is actually working.
JP Morgan Chase thinks Target may be in for turbulent times ahead. The bank downgraded the retail giant to neutral from overweight Thursday, with a $144 price target, down from $182. The firm's new forecast implies about 10% upside for Target stock from Wednesday's $130.93 per share close.
According to MarketWatch, this is Target's longest losing streak in 23 years!
This is bad, bad news for Target and is one of the very few instances of "Get woke, go broke" actually working.
"We continue to believe that the consumer is broadly weakening while the share of wallet shift away from goods (51% of [Target's] sales) is ongoing," wrote JPMorgan analyst Christopher Horvers...
"While still positive on a [three-year] basis, [Target] has been giving back share on a [one-year] view and we believe this share loss could accelerate into back to school and linger into holiday given consumer pressures and recent company controversies," wrote Horvers. "This could turn [Target's] traffic negative after an impressive run of 12 consecutive positive quarters."
