Minnesota-Based Target Drops Off Fortune Admired List

Once viewed as one of the most admired companies in America, Minnesota-based Target has been having a rough few years. And just about every time the company tries to right the ship, another storm seems to roll in.

For the past 28 years, Fortune has published its annual list of “Most Admired Companies.” The rankings are built using surveys from more than 3,000 executives, analysts, and board directors, all weighing in on corporate reputation, leadership, innovation, and long-term investment value.

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This year’s list once again crowned Apple at the top of the “Top 50 All-Stars,” marking its 19th year in the number one spot. Microsoft, Amazon, NVIDIA, and JPMorgan Chase rounded out the top five. Other familiar names in the top ten include Costco, Walmart, and Google’s parent company, Alphabet.

Minnesota's Target Joins a Short but Notable Exit List

Several major companies made headlines for falling off the list entirely. PepsiCo and Adobe were among them. So was Target, which ranked number 27 just last year and had appeared on the list every year since 2001.

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Controversies and Public Pressure

Target has faced mounting controversy over the last several years, including changes to its DEI policies and criticism over how it responded to recent ICE actions in Minneapolis. For some shoppers, those moments reinforced existing frustrations. For others, they sparked new ones.

Those reputational hits appear to be having real-world consequences. Target’s stock price is down roughly 43 percent over the past five years. During that same stretch, Walmart’s stock is up about 148 percent, a comparison that is hard to ignore in the retail world.

Target still has strong brand recognition and deep Minnesota roots, but the gap between perception and performance is becoming harder to dismiss. For the thousands of Minnesotans who work for Target or rely on its success, the hope is that the company can steady itself sooner rather than later.