Target stock lost over $1.3 billion with threat of boycott, but rallies today

Target stocks (NYSE: TGT) have slumped over the last couple weeks, partially in fear of boycott, since CEO Gregg Steinhafel first defended the company's controversial contributions on June 27th, costing the company over $1 billion in stock market capitalization, according to Minnesota's Pioneer Press, but today's market performance suggests that the heat may be lessening.

Reporter Tom Webb wrote that "Shares in the Minneapolis-based discount retailer have declined 3.5 percent" in the first week after the news about the donations broke, and the stocks were still off, but slowly climbing, as the week closed.

At today's closing bell, however, Target stocks were higher than they've been since June 18, closing at $53.67, and some analysts are predicting that the stocks will continue to climb, without even a mention of the recent PR nightmare the company has faced.

No additional response from Target makes it seem like they're waiting for the storm to blow over, and while LGBTQ and liberal groups and allies are certainly still upset, it seems the weather is starting to clear despite them.

One blogger makes the point that while the queer and liberal groups still fume, conservative groups that were angry about Target's support of the LGBTQ community in the past might now be supporting the company because of the donations.

So what do you think? Did Target get away with the anti-gay donations?