As if Target didn’t have enough headaches on its plate with a nationwide boycotting campaign targeting the grooming-friendly retailer sending its sales tumbling after it too was Budlighted, one can also add a JPM downgrade (from Overweight to Neutral) and price target cut (from $182 to $144) into the mix.
In a note from JPM Chris Hoovers, he explains that he is downgrading TGT to Neutral based on the following:
(1) The consumer is broadly weakening while the share of wallet shift away from goods (51% of TGT sales) is ongoing.