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As I see it, the moral "rightness" of a boycott pivots on three things:That's not how it works, actually. Using this standard, it would be illegitimate for liberals to blacklist a restaurant with a "Whites Only" policy because liberals value tolerance, even of racists who would make second class citizens of blacks if given the reins of power. It's absurd. Blacklisting a racist business is to punish the expressed INTOLERANCE, racism and bigotry of that owner. Giving their business to those who welcome everyone is to value, reward tolerance. You're trying to flip those things on their heads and call embraces of, rewarding, intolerance, tolerance. It's nonsense.
1: Is the intent of the boycott to reduce the incidence of an immoral behaviour?
2: Will the boycott reasonably succeed in reducing the incidence of the targeted immoral behaviour?
3: Will the boycott realize the success in (2) without harming a significant number of businesses/individuals not engaged in the immoral behaviour?
Let's examine the case in the OP.
The answer to (1) could swing either way. The blacklist organizers would undoubtedly argue that their goal is to discourage racism. Their critics will point to the organizers' stated goal of "closing businesses down" and argue their goal is simple malice (i.e. vengeance). I tend to agree with the critics, but for sake of argument let's assume the organizers' intentions are noble and they sincerely mean to curb racist behaviour.
The moral case for the blacklist starts falling apart in (2) since i) business owners may not know why they're being boycotted, and ii) even if they become aware of the organizers' intentions, the chances they'll drop their racist views and behaviours in response to a threat by moralizing strangers is virtually nil. Precisely why I don't dig up the sins of the owners of the businesses I patronize and lord it over them.
What doesn't fall apart in (2) falls apart completely in (3). As much as progressives love to claim otherwise, not all Americans who voted for Pres. Trump (or even the majority of them) are racists. A boycott against businesses owned by Trump supporters is going to destroy more innocent people than guilty. Even if this weren't the case, the business owner isn't the only one who suffers from a boycott. He has employees, a family, customers who frequent his shop, suppliers, other businesses that rely on him. You're damaging or wiping them all out, guilty or not, with your broad spectrum boycott.
This last point is also where tolerance comes in. Even we buy your 'we don't have to tolerate intolerance' cop-out (totally at odds with classical liberalism, by the way), how do you call yourself 'tolerant' if you're willing to wipe out a legion of innocent people in your quest to redeem the guilty?
So no. Even if we assume this blacklist was organized with the noblest of intentions, it still fails a moral litmus test. It's indefensible. Any conservative blacklist with similar answers is likewise indefensible. But conservative blacklists, wherever and whenever they may take place, aren't the topic of this thread. They aren't your moral justification either.