By James Rogers
Target is coming under pressure over its Pride-related merchandise.
Target Corp.'s stock is up 0.1% Friday after snapping its longest losing streak in 23 years amid an anti-LGBTQ+ backlash against the retail giant.
The stock ended Thursday's session up 0.2% to snap the losing streak. Target (TGT) shares had ended Wednesday's session down 2.2%, marking their ninth consecutive decline, and the stock's longest losing streak since an 11-day stretch that ended Feb. 24, 2000, according to Dow Jones data. Wednesday also marked the stock's lowest close since Aug. 11, 2020.
Target was downgraded to neutral from overweight Thursday by JPMorgan, which the impact of "consumer pressures and recent company controversies" about the retail giant.
Related:Target's stock, on its longest losing streak in 23 years, downgraded at JPMorgan
The company is facing an anti-LGBTQ+ backlash against its Pride collection in recent weeks. On Thursday -- the first day of Pride Month -- a group of protestors demonstrated against the Pride collection outside a Target store in midtown Miami, according to WPLG Local 10. Counter-protestors also gathered outside the store, WPLG Local 10 reports. Pride merchandise is being sold at the Target store.
Target's stock has fallen 12% in 2023, compared with the S&P 500 index's gain of 11.1%.
Related: Trans designer in Target anti-LGBTQ+ backlash says he was 'dealt the worst hand'
Of 35 analysts surveyed by FactSet, 20 have an overweight or buy rating and 15 have a hold rating for Target.
Additional reporting by Tomi Kilgore.
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June 03, 2023 12:19 ET (16:19 GMT)
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