JPMorgan downgraded its outlook on Target's stock from a "neutral" rating to "overweight." Prior to the retailer coming out last week as satanic child groomers, JPMorgan had Target listed at a price target of $182. After the retailer came out of the closet as satanic child groomers, JPMorgan dumped that to just $144.
Hope you are enjoying your Pride Month, Target:
"We continue to believe that the consumer is broadly weakening while the share of wallet shift away from goods (51% of [Target's] sales) is ongoing," wrote JPMorgan analyst Christopher Horvers. "While still positive on a [three-year] basis, [Target] has been giving back share on a [one-year] view and we believe this share loss could accelerate into back to school and linger into holiday given consumer pressures and recent company controversies. This could turn [Target's] traffic negative after an impressive run of 12 consecutive positive quarters."
"Target is facing consumer pressures and the effects of recent controversies," JP Morgan said.