Target shares hit three-year low, JPMorgan downgrades stock
Target shares on track for 10th straight session of losses, near a three-year low
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Target shares took another leg down on Thursday, before stabilizing, as more troubles mount for the retailer.
Shares closed fractionally higher after being down for most of the session and heading for the longest losing streak in 23 years or the 10th straight session of losses. Still shares are hovering near a three year low of $131.16 per share.
Target's stock was downgraded by JPMorgan on Thursday from "overweight" to "neutral." (Sarah Silbiger/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 121.76 | -34.24 | -21.95% |
JPMorgan Chase & Co. downgraded Target stock on Thursday from "overweight" to "neutral," with analysts citing the possibility of a decline in sales due to consumers pulling back spending amid persistent inflation.
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This comes as the retailer struggles with the backlash from its Pride merchandising marketing campaign, which offered items 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.
Target's Pride adult swimsuit features "tuck-friendly construction" and "extra crotch coverage." (Brian Flood/FOX Business / Fox News)
As Fox News Digital previously reported, the retailer saw backlash in certain stores, prompting it to remove some merchandise.
"For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month," the spokesperson told Fox News Digital. "Since introducing this year’s collection, we've experienced threats impacting our team members’ sense of safety and wellbeing while at work."
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"Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior," the statement continued. "Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year."
Fox News Digital's Brian Flood contributed to this report.