Fri Jun 2, 2023 – 4:44 pm EDTFri Jun 2, 2023 – 5:27 pm EDT
(LifeSiteNews) – J.P. Morgan downgraded Target’s stock Thursday while the retail giant still faces backlash for selling pride-themed clothing for children.
The bank downgraded the company’s stock from overweight, meaning that brokers have a positive outlook on company prospects because of the current price of stock, to neutral, indicating that brokers feel that investors should neither sell nor buy company stock based on the belief that its price will remain stagnant.
According to the bank, the downgrade is caused by both the backlash Target is continuing to receive on account of the Pride-themed clothing as well as “weakness” on the part of Target shoppers, a sizable portion of whom are millennials that will soon have to begin to repay their student loan debts for the first time since the beginning of the COVID pandemic in 2020. The bank also cited the inflated price of groceries as a contributing factor to the downgrade.
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