In an increasingly divisive atmosphere, some advocacy groups are looking to knee-cap companies they don’t see eye-to-eye with politically. That affects multiple publicly traded stocks that are linked to conservative policies favored by President Donald Trump’s administration.
Typically, investors wouldn’t make a big deal over company boycotts. After all, there’s an old saying on Wall Street: Traders don’t back red or blue; it’s the color green that gets them out of bed in the morning. Yet Trump’s political opponents are looking to change that equation, albeit with mixed results. Whether that comes at the expense of shareholders has been on a case-by-case basis.
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“Boycotts happen when there is a perceived difference in values between a company and its consumers and investors,” says Corey Bates, an investment advisor representative at Solomon Financial in Carmel, Indiana. “These differences can derive from political, social or ethical factors that can quickly cause the brand to fall out of favor and directly impact earnings and stock price.”
Target Corp. (ticker: TGT) is a great example, he says, as the company is being boycotted from both sides of the political aisle, though the overall impact to the stock price this year has been muted. Another example is SeaWorld, now operating as United Parks & Resorts Inc. (PRKS). The stock plummeted in 2013 shortly after the “Blackfish” documentary, which sparked a controversy around how SeaWorld treated its captive orcas, Bates says.
“Boycotts are an attempt to influence a company’s behavior by threatening its sales and reputation,” says David Primo, professor of political science and business administration at the University of Rochester. When successful, they can create a short-term hit to the company’s stock price.
“Most boycotts, though, fizzle out, so part of the challenge for investors is figuring out which ones have legs,” Primo says.
Here’s a snapshot of seven stocks tied to companies Trump’s critics have seen as ripe for blacklisting and boycotting:
| Stock | 1-Year Return | YTD Return | Boycott Timeline and Context |
| Target Corp. (TGT) | +40.4% | +33.0% | Early 2025 — March 2026 (DEI policy backlash) |
| Tesla, Inc. (TSLA) | +39.3% | -13.1% | Early 2025 (CEO’s government efficiency, DOGE role) |
| Meta Platforms Inc. (META) | +6.7% | -7.7% | January 2025 (“Lights Out Meta” campaign) |
| Home Depot Inc. (HD) | -7.3% | -5.2% | Early 2025 (ICE raids, DEI shifts) |
| Apple Inc. (AAPL) | +31.9% | +3.1% | January 2025 — October 2025 to present (role in inauguration, ICEBlock app removal) |
| Amazon.com Inc. (AMZN) | +41.0% | +16.2% | Ongoing (AWS GovCloud, ICE data hosting) |
| Palantir Technologies Inc. (PLTR) | +24.0% | -19.0% | January 2026 intensification (ICE data partnerships) |
Target Corp. (TGT)
Target is one of the clearest examples of how political alignment can affect a consumer brand. In early 2025, the company rolled back many of their diversity, equity and inclusion (DEI) policies after Trump took office for his second term, which led to an outcry from activists who started a boycott in response, Primo says.
That campaign, sometimes referred to as the “Target Fast,” lasted for more than a year before organizers declared it largely complete in March 2026 when the company reaffirmed commitments to diversity initiatives and community investment. Some are still holding the company accountable, though, claiming management hasn’t made any actual changes.
Whether it’s continuing or not, the boycott appears to have had a measurable impact along the way. Target reported declining sales and foot traffic during parts of 2025, and executives acknowledged that backlash tied to its DEI decisions weighed on performance.
For investors, however, isolating the effect on the stock price is more complicated, Primo says. While shares came under pressure during the height of the controversy, broader factors, like weak discretionary spending and shifting consumer behavior, could also have contributed. As the boycott has eased, investor sentiment has shown signs of stabilizing, with shares up more than 33% year to date.
Analysts aren’t quite bullish yet; about 63% give it a “hold” rating while less than 27% consider it a “buy.” The remaining analysts give it an “underweight” or “sell” rating.
Tesla Inc. (TSLA)
Tesla was one of the earliest and highest-profile targets of boycott campaigns tied to Trump-era policies. While those efforts have since cooled, the reputational fallout has persisted, with analysts continuing to cite political backlash as a headwind for sales and investor sentiment.
Tesla’s stock came under fire in early 2025 when CEO Elon Musk joined the Trump administration to help lead the Department of Government Efficiency (DOGE), an initiative aimed at reducing federal spending. The move sparked backlash from political activists, who called for boycotts of the electric vehicle maker across social media and traditional channels.
While Tesla shares initially recovered from their slump, the stock has come under renewed pressure in 2026. Shares are down over 13% year to date. Analysts remain divided, with ratings split between “buy” and “hold,” and some are turning more cautious as growth expectations moderate. This makes it the perfect case study of how boycotts evolve into longer-term brand reputation damage.
Meta Platforms Inc. (META)
Tesla isn’t the only tech company facing boycott pressure. In fact, a number of tech giants are coming under criticism, including Meta Platforms, formerly known as Facebook. The social media platform is being called out for running ads for the Department of Homeland Security, including ads for Immigration and Customs Enforcement (ICE) recruitment on both Facebook and Instagram. Starting in January 2025, a “Lights Out Meta” campaign urged users to stop engaging on the company’s platforms.
Unlike traditional consumer brands, however, Meta’s exposure to boycott activity is less direct. The company generates the vast majority of its revenue from advertising rather than product sales, making it more difficult for consumers to meaningfully reduce spending through individual action. As a result, while boycott calls have generated visibility and user pushback, there is limited evidence of a sustained financial impact.
The stock is down about 8% year to date, but remains up 7% over the past year. Analysts remain largely optimistic with the vast majority giving it a “buy” rating.
Home Depot Inc. (HD)
Home Depot has come under fire for allowing ICE to use its parking lots — locations that have long served as informal hiring sites for day laborers — for raids and staging grounds. The retailer has also faced criticism for perceived rollbacks in DEI initiatives following the Trump administration’s broader push to curtail such programs.
The stock is down 7% over the past year and down over 5% year to date. This may be due more to a sluggish housing market and high interest rates rather than boycott-related pressure. Analysts are evenly split between “buy” and “hold” ratings for the stock.
Apple Inc. (AAPL)
Apple has drawn mounting criticism from political advocates in 2025 and 2026 for a series of decisions that opponents argue align the company with Trump?era immigration enforcement. The backlash began in January 2025, when Apple CEO Tim Cook donated $1 million to help fund Trump’s inauguration, and continued with help funding the controversial demolition of the historic East Wing of the People’s House.
The controversy escalated in October 2025 when Apple removed ICEBlock, an app designed to help users share real?time information about ICE activity. Apple said the app was pulled due to “safety risks,” but multiple outlets reported that the removal came after direct pressure from Trump administration officials, including Attorney General Pam Bondi, who publicly stated that the government reached out to Apple “demanding they remove the ICEBlock app from their App Store — and Apple did so.”
Despite the political heat, Apple’s stock has remained fairly resilient. Shares are up 31.9% over the past year, and up about 3% year to date. Analysts are largely split between “buy” and “hold” ratings, with an average price target of $303.25 per share. AAPL closed at $280.14on May 1.
Amazon.com Inc. (AMZN)
Amazon has been targeted by protesters for numerous activities. The list includes reportedly donating $1 million to the White House’s inauguration last year and being on a list of donors to Team Trump’s recent East Wing ballroom construction project.
The company is also taking heat for its AWS GovCloud platform being used to host databases and systems used by the Department of Homeland Security and its agencies, including ICE, to track, monitor and deport immigrants.
Boycotts seem to have had minimal impact on Amazon’s stock, which has remained fairly stable. The stock is up 41% over the past 12 months and over 16% year to date. Analysts remain optimistic, with the vast majority giving it a “buy” rating.
Palantir Technologies Inc. (PLTR)
Palantir, an artificial intelligence software provider with government clients, has reportedly been partnering with ICE since 2013. Palantir provided ICE with systems like its Falcon surveillance system and Investigative Case Management, which the nonprofit American Immigration Council says were used for workplace raids, enforcement operations and investigations into asylum seekers. Boycotters cite multiple issues, including using AI and data mining to help ICE identify, track and deport suspected noncitizens.
“Palantir’s pattern-finding capabilities have long been central to ICE’s most aggressive tactics and raising concerns that ImmigrationOS could enable similar or expanded practices,” the American Immigration Council states.
Despite this, the company’s share price is up about 24% in the past year. But it’s showing signs of struggle in the first half of 2026, with shares down about 19% year to date. Analysts are largely split between “buy” and “hold.”
So, Does Boycotting Actually Work With Publicly Traded Companies?
As the stocks listed above reveal, boycotts don’t always translate into negative returns on Wall Street. But that doesn’t mean they have no impact.
“Boycotts represent what we call unsystematic risk, or specific risk you are exposed to when investing in a single company,” Bates says. “It is one of the many reasons diversifying is recommended, as it mitigates that unsystematic risk.”
As political tension in the U.S. continues to rise, investors may want to pay closer attention to which companies are coming under fire and the potential backlash. However, “it’s important not to make long-run investing decisions on the basis of the news cycle,” Primo says. “Boycotts that are here today may be gone tomorrow.”
What may be more revealing than the boycott itself is how the company responds. “If a company really flubs its response to a boycott, that could be indicative of a larger problem with the management, and that is something investors should pay attention to,” Primo says.
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7 Companies Being Boycotted Over Trump Policies originally appeared on usnews.com
Update 05/04/26: This story was previously published at an earlier date and has been updated with new information.
