Target market cap losses swell to $15 billion as shares drop again amid woke backlash

to $58.61 billion as of Friday’s closing price.

Entering Friday, Target’s stock value had fallen roughly 3.1% in the last five days, after plummeting about 18.5% the last month. Already near a three-year low, Target shares have been hit with a series of downgrades amid the controversy over Pride products. from Citi analyst Paul Lejuez lowers the stock to neutral from buy and pits the troubled retailer against rival Walmart, which Lejuez said in a note on Friday would begin gobbling up market share.

Lejuez also highlighted Target’s 13.9% drop in store traffic the final week in May as inflationary pressures subdued consumer spending over Memorial Day weekend.

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Stock Market News: Tesla shares jump, Target downgraded again, S&P’s new bull marketThe S&P 500 is in a new bull market, more troubles for Target as the retailer gets another downgrade, Tesla’s winning streak continues as the stock pushes higher and all eyes are on the Federal Reserve’s meeting next week as investors handicap a potential pause to the rate hike cycle. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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