Jim Cramer: You Can Own Walmart and Target Stock

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Target reported adjusted earnings for the three months ending in April were pegged at $3.69 per share, more than five times last year's total and massively ahead of the Street consensus forecast of $2.21 per share. Group revenues, Target said, rose 23.4% to $24.2 billion, again topping analysts' estimates of a $21.76 billion tally.

"Our performance in the first quarter was outstanding on every measure, and showcased the power of putting our stores at the center of our strategy," said CEO Brian Cornell. "Importantly, market-share gains of more than $1 billion in the first quarter, on top of $1 billion in share gains a year ago, demonstrate Target's continued relevance with our guests, even as they have many more shopping options compared with a year ago."

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