Piper Sandler lowered the firm’s price target (TGT) on Target to $105 from $124 and keeps a Neutral rating on the shares. After cutting a few of its DEI supplier and employee programs in late January 2025, the company has faced various boycotts that are still ongoing today. While the Blue state backlash of 2025 doesn’t compare to the Red state backlash of 2023, Target does appear to be experiencing some impact on traffic trends in 2025. Its analysis of store traffic shows year-to-date that Blue state traffic is running -5% year-over-year, while Red state traffic is running -4% year-over-year.
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