On August 25, Target declined 3.21% in regular trading, trading at 161.77 USD/share, with turnover of $143 million. The selloff came after the company issued a public apology on Monday following widespread backlash over a Halloween costume, triggering negative sentiment and reversing recent gains.

The controversy arrives just days after Target had rallied on blowout Q2 results, with adjusted EPS of $4.11 far exceeding the $2.34 consensus estimate, and net sales of $26.54 billion surpassing expectations of $26.13 billion. The company had also raised full-year adjusted EPS guidance to $9.90–$10.90, well above prior guidance of $7.50–$8.50. Multiple investment banks subsequently raised their price targets, with Jefferies at $177, Evercore ISI at $170, and Goldman Sachs at $161.

The broader Hypermarkets and Super Centers sector also traded weaker, with Walmart down 1.23%, Costco down 0.5%, Dollar Tree down 2.35%, Dollar General down 1.29%, and BJ's Wholesale Club down 1.4%.

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