Santa has already left Target (TGT) a gigantic piece of black coal for its holiday quarter.

Target stock hit a 52-week low of $85.53 on Oct. 10, with only a modest rally since, while broader markets push to record highs. The stock is down 31% year to date, badly lagging the S&P 500’s 16% gain and rival Walmart’s (WMT) 12% increase.