Cramer: Target Could Be a Steal At Its Current Price

Target's (TGT) - Get Report  stock was getting hammered on Wednesday after Macy's (M) - Get Report and other retailers reported weak earnings, but it could be a steal in the $70s, according to TheStreet's Jim Cramer.

Target closed at $80.05 on Tuesday but was down more than 5% to $74.99 in late afternoon trading on Wednesday.

"Separate stand-alone has done quite well," said Cramer, TheStreet's founder and manager of the Action Alerts PLUS Charitable Trust Portfolio, which owns Target. He contrasted Target with other retailers that are primarily mall-based.

Cramer made his remark as part of broader comments about Macy's competitors, including Amazon (AMZN) - Get Report and TJX (TJX) - Get Report , after Macy's released its first quarter numbers on Wednesday.

Macy's reported that first quarter sales fell 7.4% year-over-year to $5.77 billion, missing forecasts for $5.94 billion. Same-store sales declined for the fifth straight quarter, falling 5.6% compared to estimates for a 3.8% decline.

Macy's also slashed its full year same-store sales guidance to a decline in a range of 3% to 4% from a previous estimate for a 1% drop.

As a result, shares of Macy's were plunging more than 15% in late afternoon trading on Wednesday. Amazon shares were trading at $715.66, up 1.8% while shares of TJX were down 3% to $74.34.

Cramer noted that Amazon last month reported a 27% net sales growth in North America for the first quarter compared to the year-ago period. A lot of that growth came at the expense of Macy's, he said.

Cramer also thinks that T.J. Maxx is a "very powerful brand and they can take share from Macy's."

"Off-price does well," Cramer said, adding that the dollar stores also do well.