- As if Target didn’t have enough headaches on its plate with a nationwide boycotting campaign targeting the grooming-friendly retailer sending its sales tumbling after it too was Budlighted, one can also add a JPM downgrade (from Overweight to Neutral) and price target cut (from $182 to $144) into the mix.
- In a note from JPM Chris Hoovers, he explains that he is downgrading TGT to Neutral based on the following:
- (1) The consumer is broadly weakening while the share of wallet shift away from goods (51% of TGT sales) is ongoing.
Trending
Target Plunges For 10th Day As Boycott Leads To ‘Traffic Weakness’
FILE - A worker collects shopping carts in the parking lot of a Target store on June 9, 2021, in Highlands Ranch, Colo. Target is removing certain items from its stores and making other changes to its LGBTQ merchandise nationwide ahead of Pride month, after an intense backlash from some customers including violent confrontations with its workers. (AP Photo/David Zalubowski, File)
