Major brands like Anheuser-Busch, Target and Kohl’s have collectively taken $28 billion in losses following boycotts over their decision to push LGBTQ merchandise, according to Axios.
Bud Light’s move to partner with trans influencer Dylan Mulvaney resulted in immediate backlash and a 20% drop in the company’s share price, Axios reported. Target and Kohl’s, brands known for their LGBTQ merchandise during “Pride Month,” have taken dramatic falls as well, with Target losing $15 billion in market cap value and Kohl’s losing 20% of its share price.
Bank of America has downgraded Target and Kohl’s stock ratings, and HSBC Bank has downgraded Bud Light’s stock rating. Analysts are warning investors that buying stock in them now is too high a risk.