Consumer
Target Sheds $13 Billion in Value on Retail Uncertainty, LGBTQ Backlash
- Shares fell for nine days in longest losing streak since 2000
- Analysts see too much uncertainty to upgrade stock’s rating
Pride Month merchandise at a Target store in San Francisco.
Photographer: Justin Sullivan/Getty ImagesTarget Corp. has erased almost $13 billion in market value since it reported earnings last month, and some on Wall Street see more pain ahead for the retailer.
After popping on mixed results, the stock suffered its longest streak of daily losses since February 2000, falling for nine straight sessions through May 31. The drop came as a slew of retailers reported weak sales trends, stoking concern around a pullback in discretionary spending, and as Target faced customer pushback on its LGBTQ-themed merchandise.