Investors Exit Downgraded Target Stock
Mega retailer Target has not recovered from consumer boycotts triggered after the company promoted Pride merchandise, with share prices and market cap declining significantly along with financial and popularity metrics.
American consumers started boycotting Target in May, after the retail chain rolled out its transgender collection, which included some items that targeted children, including books, home décor products, and transgender swimsuits for adults with a “tuck-friendly” feature.
In the first two weeks of May when the company’s Pride controversy began to go viral, its market capitalization declined by $1.85 billion between May 1 and May 15.
In the three weeks between May 15 and June 5, the market cap fell by an additional $11.66 billion….