Largest US Bank Gives Target Painful News Amid Brutal 9-Day Losing Streak
LBGT “pride month” started Thursday, but Target Corporation probably wasn’t feeling a lot of pride in its stock price.
The company has suffered a series of losing days on the stock market, and closed Wednesday at $130.93 after falling from $159.96 in only nine days.
(The stock looked to recover a small amount of that loss Thursday and was up about $.64 with about 90 minutes left before the market closed.)
Potentially making a bad situation worse, JPMorgan Chase & Co. downgraded Target’s stock from “overweight” to “neutral” Thursday.
According to Fox News, the downgrade came because of concerns that “persistent inflation” would cause a drop in consumer spending.
The plunging stock price had set Target on its biggest losing streak since November 2018; Wednesday’s price of $131.69 was the lowest value of Target stock since 2020.
Just two weeks proved enough to shave off $12 billion of the retail giant’s market cap this month.
There may be more in play in Target’s market value than simply the sluggish Biden economy, however. The company’s misfortunes have led some to identify Target as another Bud Light — a major American brand that has alienated itself from conservative and center-right Americans by embracing cultural progressivism.
Bud Light has wrought disaster for the brand after its decision to partner with transgender “influencer” Dylan Mulvaney.
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Similarly, an impromptu boycott of Target began in response to the company’s decision to feature merchandise geared toward children in LGBT pride month store displays.
The merchandise included swimsuits designed for “tucking” — a practice in which transgender males conceal the outline of their genitalia to appear female.
The sections were subsequently moved in some stores in the southern United States, with critics of the company suggesting that the conservative boycott of Target led to the change in policy.
? Target’s newly released “LGBT Pride” collection includes “tuck-friendly” wear and rainbow-colored onesies, in the same section as pride attire for infants and children, stirring the original controversy. pic.twitter.com/lGGls4PGne
— Upward News (@UpwardNewsHQ) May 23, 2023
“While the company was already under a microscope over its adult ‘tuck-friendly’ swimsuits and gay-pride gear for children, other customers became outraged when it was revealed an outspoken Satanist designed some of the Pride merchandise,” Fox reported.
Target went on to cite supposed “threats” against store employees as cause for relocating LGBT pride sections in some stores.
“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” a company representative told Fox. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work.
“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.”
The company’s involvement in a leftist culture war — and subsequent decision to downplay its support of LGBT ideology — has led some on the left to organize their own boycott of Target, according to Fox News.
This article appeared originally on The Western Journal.
