(Bloomberg) -- Wall Street’s enthusiasm for Target Corp. is at its lowest in more than six years, as disappointing earnings from the big-box retailer spur a series of analyst downgrades.

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Analysts at Bank of America, Melius Research LLC and Telsey Advisory Group all stepped back from their buy-equivalent calls since the company’s earnings report on Wednesday, flagging issues including the difficult macroeconomic backdrop, an uncertain outlook and exposure to President Donald Trump’s tariff policies.

That’s dragged Target’s consensus rating — a Bloomberg proxy for the ratio of buy, hold and sell recommendations — down to 3.5, the lowest it has been since November 2018 and below peers such as Walmart Inc., TJX Cos Inc. and Costco Wholesale Corp.

“Despite valuation near 10-year lows, we see increased uncertainty as top-line weakness continues,” Bank of America’s Robert Ohmes and Kendall Toscano wrote in a note published on Wednesday, downgrading the retailer to neutral.

Target’s shares closed up 2.2% on Thursday after an earnings-related drop in the previous session. The stock has fallen about 30% this year through Thursday’s close, shaving nearly $18.8 billion from its market capitalization. By contrast, the S&P 500 Consumer Staples sub-index gained over 5.3% in the same period.

The company cut its annual sales forecast on Wednesday after a sharp pullback in consumer spending along with a hit from tariffs and boycotts linked to the decision to halt diversity initiatives. Pressure is now growing on Brian Cornell, the retailer’s chief executive officer, with questions being raised about his ability to recapture growth after two years of choppy results.

Telsey Advisory Group analyst Joseph Feldman said his confidence in Target’s investment story had been “shaken” by the company’s weak first-quarter performance as well as the lowered and widened annual guidance. Feldman downgraded the stock to market perform.

Meanwhile, a “confluence of factors,” led Melius’ Jacob Aiken-Phillips to downgrade the company to hold, including Target’s elevated exposure to tariffs compared to the broader retail landscape. Aiken-Phillips also flagged the growing consumer backlash to its Belonging at the Bullseye strategy.

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“Even before tariffs re-entered the spotlight, Target was seeing softness in discretionary categories,” Aiken-Phillips wrote in a note published on Thursday. “Now, a growing backlash over the company’s DEI policies is adding another layer of risk.”

Another issue, Telsey’s Feldman says, is that competitors including Amazon.com Inc., Costco and Walmart are seemingly gaining market share in some of Target’s core categories — particularly among upper-income consumers — through offering “wider assortments, sharper prices, and enhanced convenience.”

However, in the longer term, Bank of America’s Ohmes and Toscano note that growth in the company’s high-margin businesses — including marketplace — may support greater margin stability.

Target now has 12 buy-equivalent recommendations, 26 holds and two sells.

--With assistance from Janet Freund.

(Updates with closing shares and additional details.)

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