Target faces stiff competition from Walmart, according to Citi.
Target Corp.’s stock was downgraded to neutral from buy Friday by Citi, which cited slowing traffic and a tough competitive landscape for the retail giant.
“After significant sales gains in 2020-2022, we believe 2023 is showing that sales have peaked and are likely to fall further, creating a ‘giveback’ situation,” wrote Citi analyst Paul Lejuez in a note released Friday. The retail giant also faces stiff competition from rival Walmart Inc. WMT , according to Citi. “Considering the competitive landscape, we believe [Walmart] is likely to continue gaining market share , and [Target’s] high exposure to discretionary sales will not serve them well in the current macro backdrop,” Lejuez wrote.
Citi’s note did not mention the intense anti-LGBTQ+ backlash against Target’s Pride collection in recent weeks. Last week, Target’s stock snapped its longest losing streak in 23 years — 11 days — amid the backlash against the retail giant.
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