Posted on 05/25/2023 3:25:18 PM PDT by Morgana
Target's market capitalization has shed more than $8 billion in the past week as investors weigh the impact of conservative backlash to the retailer's LGBT collection for Pride Month.
On May 17, before the controversy exploded, Target shares closed at $160.96, giving the retailer a market valuation of roughly $74.3 billion.
On Wednesday the stock closed at $143.10, down 11.1 percent from a week earlier, for a market cap of $66.1 billion, down $8.2 billion from a week earlier. The shares dropped a further 2 percent in early trading on Thursday and sat near a 52-week low.
Meanwhile, presidential candidate Vivek Ramaswamy has lashed out at Target over the retailer's LGBT collection, saying products such as trans-friendly swimwear 'spit in the face' of conservative customers.
'Target just put a target on its back from its base of consumers,' said Ramaswamy, a longshot candidate for the GOP presidential nomination, in an interview with Fox News Digital on Wednesday.
'Just ask Budweiser how that worked out for them,' he added, referring to a similar controversy over Bud Light's marketing partnership with a transgender influencer in April.
This week, Target removed certain Pride Collection products from its stores after facing customer backlash, saying it was acting to protect employee safety.
'If a company makes a conscious business decision to alienate a significant portion of its customer base, then it's totally fair game for its customers to respond accordingly,' Ramaswamy said.
(Excerpt) Read more at dailymail.co.uk ...
Not been in a Target store for maybe 20 years...Too far away...
Good
Time for the Target Board to find new leaders.
I wish I could have contributed to the loss but I don’t go there already. :)
No...spat in the faces of all decent,rational Americans.
“saying it was acting to protect employee safety.”
Liars.
L
I like Target more than Walmart but I’d be happy if both were gone.
Absolutely!
The CEOs will go begging to biden, who hates us, and who will clamp down on free speech and try to arrest people who are talking about the boycott. He is a fascist and would happily do that, for a little kickback.
I hope he tries, and it is revealed, and the public finally sees what a rotten mean vengeful sob he is, and kicks democrats out of office.
I can dream sometimes, eh?
Find out who shorted the stock, look for a correlation between public companies who are going LGBTQ, and follow the money. I’ll bet this is all connected.
Target gets 3am wake up call and it wasn’t a dream.
I used to shop at Target but I will not step foot in TARGAY.
We ceased shopping at Targee’ when they banned the Little Red Kettle Salvation Army. It was years before the welcoming of pedophiles into the bathrooms. Between this latest insanity, and the looters, perhaps Targee’ will go the way of other woke wackos. Good riddance.
Kick ‘em while they’re down. And keep on kicking.
It’s not about conservatives and making it about conservatives is a losing strategy. It’s about normalcy.
I saw a clip on youtube from the View and the women blew a gasket because of the boycott.
What happened to all of the people who said that boycotts don’t work?
Target Loses $9 Billion in Market Value After Boycott
PJ Media ^ | 05/25/2023 | Matt Margolis
Posted on 5/25/2023, 12:47:23 PM by SeekAndFind
Target has faced enormous criticism for its recent efforts to cater to the transgender community in recent weeks after the national retailer introduced a “Pride collection” across its stores, featuring merchandise, clothing, and books promoting transgender-friendly messages and leftist gender ideology.
What made this particularly troubling was that the products were not just for adults but also for young children and babies. Target also ensured that these products were prominently displayed at the front of its stores, forcing everyone who entered to be exposed to its rainbow-colored propaganda.
In response to the mounting backlash, Target held an emergency meeting and instructed certain store locations, mainly in rural Southern areas, to relocate and reduce the size of their Pride sections to avoid a situation similar to the Bud Light controversy.
“I think given the current situation with Bud Light, the company is terrified of a Bud Light situation,” a Target insider said.
Well, it looks like they couldn’t contain the damage. Just a week ago, Target’s stock closed at $160.96 per share, resulting in a market capitalization of $74.3 billion. However, early trading on Thursday showed a 1% decrease, with shares trading at $141.76. As a result, the market value has fallen to $65.3 billion — a 12% drop and a staggering loss of $9 billion in market capitalization.
Boycotts are generally seen as ineffective for various reasons. However, the boycott of Anheuser-Busch and Bud Light, prompted by their controversial partnership with Dylan Mulvaney, a TikTok influencer who pretends to be a girl, defied precedent.
The boycott resulted in a significant decrease in demand for Bud Light, with sales down more than 28%. Anheuser-Busch has lost a reported $16 billion in market value since the boycott began.
(Excerpt) Read more at pjmedia.com …
Anheuser-Busch is desperately trying to repair the damage done to its brand, and so far, those efforts have been unsuccessful. Will Target have a similar mea culpa in light of its stock tanking?
At the moment, the answer is no. The CEO of Target, Brian Cornell, recently expressed that he thinks going woke is good for the company.
“I think those are just good business decisions, and it’s the right thing for society, and it’s the great thing for our brand,” Cornell said. “The things we’ve done from a DE&I [diversity, equity, and inclusion] standpoint, it’s adding value.”
He added, “It’s helping us drive sales, it’s building greater engagement with both our teams and our guests, and those are just the right things for our business today.”
Will Cornell think differently after what’s happening to Target’s stock?
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