Shares plummeted to $126.99 when the market closed after eclipsing $161 just last month after a third Wall Street firm downgraded the shares on concerns over slowing sales.
to $58.61 billion as of Friday’s closing price.
Entering Friday, Target’s stock value had fallen roughly 3.1% in the last five days, after plummeting about 18.5% the last month. Already near a three-year low, Target shares have been hit with a series of downgrades amid the controversy over Pride products. from Citi analyst Paul Lejuez lowers the stock to neutral from buy and pits the troubled retailer against rival Walmart, which Lejuez said in a note on Friday would begin gobbling up market share.
Lejuez also highlighted Target’s 13.9% drop in store traffic the final week in May as inflationary pressures subdued consumer spending over Memorial Day weekend.
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Target shares downgraded again on sales concernsTarget shares have been hit with a series of downgrades as consumer pushback on the retailer’s Pride merchandise continues. Citi lowered Target to neutral from buy on Friday.
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