Target Corporation faces multiple downgrades amid sales concerns.

Target's stock has been downgraded by Citi analyst Paul Lejuez due to concerns over the company's high exposure to discretionary sales and the current macro backdrop. New data shows that Target's store traffic plunged 13.9% in the final week of May, likely due to inflation-weary shoppers spending cautiously. Target's decision to remove some LGBTQ-themed merchandise has also triggered global backlash. Shares are down about 17% since mid-May, and JPMorgan has also cut its rating on Target's stock on a potential sales hit from the restart of student loan repayments in September.