Target (TGT) Stock Hits A New 52-Week Low: What's Going On?
Portfolio Pulse from Henry Khederian
Target Corp's (TGT) shares are trading lower by 2.4% to $114.48, hitting a new 52-week low. The drop is attributed to concerns about future rate hikes following the recent FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates could lead to higher borrowing costs for consumers, potentially reducing consumer spending at retailers like Target.
September 22, 2023 | 2:21 pm
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Target's stock price is under pressure due to concerns about future rate hikes and lower-than-expected jobless claims data. Higher interest rates could lead to reduced consumer spending, impacting Target's earnings.
The news directly mentions Target (TGT) and explains that the company's stock price is falling due to concerns about future rate hikes and lower-than-expected jobless claims data. Higher interest rates could lead to higher borrowing costs for consumers, potentially reducing consumer spending at retailers like Target. This could negatively impact Target's future earnings, putting downward pressure on its stock price.
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