Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday. In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.

“The stock price reflects that there won’t be change when change is needed,” Gerald Storch, former vice chairman of Target and ex-CEO of Toys R Us, told The Post. “The sales are negative and they are bleeding market share.” Target did not immediately respond to The Post’s request for comment.

Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1.

Target will report fiscal second-quarter earnings before the bell on Wednesday, as investors look for signs that the struggling discounter is getting back on track. Here's what Wall Street expects for the company's most recent three-month period, according to a survey of analysts by LSEG:

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,