Target (NYSE:TGT) may be planning to scale down LGBTQ-themed merchandise from some of its stores during Pride month this June, according to a Bloomberg news report. The retailing giant appears to have made this decision following backlash that affected its sales last year.
The report stated that the company will most likely offer the full assortment of merchandise online but will assess store-level data to decide which physical locations will stock these products. The retailer is likely to offer these products at around 1,000 stores in the U.S.
However, a Target spokesperson has stated that the company remains “committed to supporting the LGBTQIA+ community during Pride Month” in June.
Customer Backlash Against Target’s LGBTQ+ Merchandise
Last year, Target was forced to remove some LGBTQ merchandise, including transgender swimsuits, after several customers knocked down its Pride displays at certain stores and angrily approached workers. Citing “volatile circumstances,” Target removed some items from its stores and made other changes to its LGBTQ+ merchandise, keeping Pride month in mind.
What Is the Future of TGT Stock?
Analysts remain cautiously optimistic about TGT stock, with a Moderate Buy consensus rating based on 20 Buys and 10 Holds. Year-to-date, TGT has increased by more than 10%, and the average TGT price target of $183.62 implies an upside potential of 12.4% from current levels.
