In the wake of public backlash to Target’s PRIDE collection, the retail giant has lost more than $13 billion in market value.
On Monday the company stock fell by another 2.03 percent, Fox Business reported. KeyBanc Capital Market downgraded Target’s shares from overweight to sector weight.
“This means that KeyBanc no longer expects Target’s stock to outperform the market, and investors should avoid overweighing their portfolios with Target shares,” Yasmim Mendonça of Best Stocks.com wrote.
Analysts attributed Target’s stock decline to student loan payments being resumed — a condition in the Congress’ debt ceiling agreement, Fox Business reported.
This is expected to impact discretionary spending for a large portion of Target’s customer base, which consists of young college educated individuals.
Last week, JPMorgan downgraded Target’s stock. Analysis pointed to consumers pulling back spending due to rising inflation, Fox Business reported. The company’s stock was on its longest losing streak in 23 years, but snapped back by .1 percent on Friday, Morning Star reported.
During the quarter, the company’s shares have fallen over 20 percent.
Some Target stores have moved their “pride” sections — which feature an array of items pushing the transgender agenda on children — to a less prominent location in their facilities following a string of backlash. https://t.co/6dUecom6MK
— Breitbart News (@BreitbartNews) May 24, 2023
The retail giant has offered PRIDE products for over ten years, but received flack for selling ‘tuck friendly’ swimsuits for male genitalia. The tag reads “thoughtfully fit on multiple types of gender expressions.” A Satan-loving designer also had items from his collection included in Target’s PRIDE collection this year, Breitbart reported.
Target scaled down its PRIDE displays and pulled all items sold by Abprallen. Now, Target is receiving criticism from both sides.
“Really what Target ultimately did was show that they were in this just for the money,” LGBTQ advocate Heather Hester told Fox News Digital. “Rainbow capitalism is essentially, you know, selling Pride products for profit and not necessarily standing behind the community with support. That’s what happened, right?”