Even as “Pride Month” came and went, many companies have still not recovered from the many conservative boycotts.
From The Epoch Times. Mega retailer Target hasn’t recovered from consumer boycotts triggered after the company promoted Pride merchandise, with share prices and market cap declining significantly along with financial and popularity metrics.
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American consumers started boycotting Target in May, after the retail chain rolled out its Pride collection, which included some items that targeted children, including books, home décor products, and transgender swimsuits for adults with a “tuck-friendly” feature.
In the first two weeks of May, when the company’s Pride controversy began to go viral, its market capitalization declined by $1.85 billion.
In the three weeks between May 15 and June 5, the market cap fell by an additional $11.66 billion. …
Amid the Pride Month controversy, institutional interest in trading Target stock has fallen as buying and selling of Target shares crashed in the second quarter.
Total institutional inflows for Target were about $35 million in Q2 compared with $2.14 billion in the first quarter, according to data from MarketBeat. Meanwhile, total outflows for Q2 were $91.4 million, down from $1.07 billion in the previous quarter.
Multiple brokerages have also downgraded their views on Target. On June 1, JPMorgan Chase downgraded Target from an “overweight” target to a “neutral” one—lowering the price target from $182 to $144.
On June 9, Citigroup changed its recommendation for Target from “buy” to “neutral.” A few days later, The Street downgraded Target from a “B-“ rating to “C+” rating.
In terms of popularity, the brand is at its lowest-ever level, according to a poll by YouGov. …
Violating Child Protection Laws and Shareholder Interests
On July 5, seven attorneys general, led by Indiana Attorney General Todd Rokita, sent a letter (pdf) to Target, warning that the company’s Pride month collection targeting children may have violated child protection laws.
The letter pointed out that such laws penalize the sale or distribution of obscene matter, which refers to anything whose dominant theme “appeals to the prurient interest in sex.” This includes “material harmful to minors.” …
Target’s Pride campaign and its financial support to organizations such as GLSEN that facilitate “secret gender transitions for kids” raises concerns regarding child protection laws of various states and also the economic interest of the company’s shareholders, it stated. …
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(Excerpt from The Epoch Times. Photo Credit: Abhinav Bhardwaj on Unsplash)