Target Corporation’s stock was downgraded to neutral from overweight Thursday by JPMorgan, which cited “too many concerns” with the retail giant.
Over the past 30 days, Target’s stock dropped some 18 percent amid calls for a backlash against the chain in connection to its decision to sell LGBT-themed items and clothes, including onesies for children and books instructing kids to use transgender pronouns. A number of social media users, starting in May, called on others to boycott the company.
“We continue to believe that the consumer is broadly weakening while the share of wallet shifts away from goods (51 percent of [Target’s] sales) is ongoing,” wrote JPMorgan analyst Christopher Horvers, reported by MarketWatch. As a result, Horvers downgraded the stock….