(SNews) – After failing to learn the lesson from Bud Light, retail giant Target has seen billions of dollars wiped from its market value after trying to go “woke.”
Target’s stock ended Wednesday down 2.2 percent and was downgraded by a top Wall Street analyst.
This is the ninth straight day of decline and is the company’s longest losing streak since an 11-day stretch in February of 2000.
Wednesday’s stock closing price also was the lowest price since August 11, 2020.
And it gets worse. In premarket trading Thursday, Target shares fell an additional 1.7 percent.
The stock has fallen 12.2 percent in 2023.
JPMorgan analyst Christopher Horvers said: “We continue to believe that the consumer is broadly weakening while the share of wallet shifts away from goods (51% of Target’s sales) is ongoing.
“While still positive on a three-year basis, Target has been giving back share 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.
“This could turn Target’s traffic negative after an impressive run of 12 consecutive positive quarters.
“Target over-indexes to the millennial customer and, should student loan payments come back on, the company is more exposed than others in our coverage.”
According to Fox Business:
Since widespread backlash over Pride merchandise polarized the nation, Target’s market value has fallen over $13 billion to $60.44 billion as of Wednesday’s closing price.
The company’s market value was over $74 billion earlier this month.
It extended the stock’s longest losing streak since November 2018, leaving shares at a new 52-week low of $130.93 per share.
Last week, Target confirmed “adjustments” to the Pride merchandising plans were underway after Fox News Digital learned it rolled back displays at some of its locations.
A Target insider told Fox News Digital that some Southern stores were forced by the corporation to move LGBTQ Pride merchandise away from the front of their locations after customer outrage to avoid a “Bud Light situation.”
The Pride merchandise continued to cause headaches for Target when many LGBTQ advocates slammed the company for moving the merchandise.
Democratic California Gov. Gavin Newsom even accused Target of participating in a “systematic attack” on LGBTQ communities across the country.