Target’s stock, on its longest losing streak in 23 years, downgraded at JPMorgan

(Image by Oleg Gamulinskiy from Pixabay)

(MSN) – Target Corp.’s stock, which is on its longest losing streak in 23 years, was downgraded to neutral from overweight Thursday by JPMorgan, which cited “too many concerns rising” in relation to the retail giant.

The stock ended Wednesday’s session down 2.2%, marking its ninth straight decline and the stock’s longest losing streak since an 11-day stretch that ended Feb. 24, 2000, according to Dow Jones data. Wednesday also marked the stock’s lowest close since Aug. 11, 2020.

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Target shares fell 1.7% in premarket trading Thursday. The stock has fallen 12.2% in 2023, compared with the S&P 500’s gain of 8.9%.

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