Target Plunges For 10th Day As Boycott Leads To ‘Traffic Weakness’
View Source | June 1, 2023 12:52 pm
- 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.
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