Target Loses $4B in Less Than a Week as Stock Price Continues to Slide
according to website Companies Market Cap, while as of June 2, it had dropped to $60.54 billion. As of the same day, Target's shares were down by 2.44 percent to $128.62, as shown by Google Finance's data.The company was underperforming compared to its main competitors, with Amazon's shares growing by 2.30 percent on Friday, Walmart's shares increasing by a more modest 0.57 percent, and Costco's shares by 0.53 percent.It's nothing new for Target, which in the last month has been on an unprecedented losing streak—the longest in the company's history since an 11-day stretch in early 2000.
According to MarketWatch's data, Target's shares have dropped by 16.08 percent over the last month, and 5.59 percent in the past five days.The retail chain's performance has been marked—and somehow been exacerbated—by JPMorgan's decision to downgrade it from neutral to overweight on Thursday, which has led investors to flee Target's stock."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, announcing the company's move."While still positive on a [three-year] basis, [Target] has been giving back shares 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," he added. "This could turn [Target's] traffic negative after an impressive run of 12 consecutive positive quarters."Target has recently found itself in the middle of a culture-warm storm surrounding its 2023 Pride collection, released earlier this month in its stores.The presence of several trans-friendly items in Target's.
