BUZZ-Florida sues Target over DEI; stock slips

Target TGT.N shares slipping 1.7% on Thur, underperforming 1.2% decline in consumer staples .SPLRCS; Florida sued the retailer for allegedly hiding risks of diversity initiatives

Lawsuit by the State Board of Administration of Florida, an agency overseeing public pension funds that own TGT shares, claims TGT misled investors about environmental and diversity mandates, leading to backlash and stock decline

TGT said on Jan. 24 it will end DEI initiatives this year

TGT's stock down ~5% YTD, underperforming S&P 500 .SPX which is up ~4%

Stock recently traded at 14x expected earnings, below 5-year avg PE of 17

TGT trading ~29% below 52-week high of $181.72 reached on Apr 1, 2024