Many Wall Street analysts and investors think the controversy surrounding Target’s Pride collection could have turned some consumers off from the Minneapolis retailer, denting traffic and sales numbers.
In a Friday note to investors, Joe Feldman, a research analyst at Telsey Advisory Group, said “We are lowering our 2Q23 estimates [for Target] to reflect softness in traffic, especially in late May to mid-June related to issues with the Pride assortment, along with softer consumer spending on select discretionary products, partly offset by the continued outperformance of essentials and gains from strategic initiatives, like digital and loyalty.”
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