NEW YORK (TheStreet) -- Shares of Target (TGT) are currently lower after initially being helped by an upgrade from Goldman Sachs.
TheStreet's Jim Cramer said that at first he thought the Goldman upgrade -- to buy from hold -- "silly" after the company announced its sales were lower than expected and the credit card hacking situation was much worse than everyone had initially thought.
"Sometimes research looks so wrong, yet it turns out to be right," he said.
The Goldman Sachs reports said sales will go down -- which they did, as TGT announced Friday -- but it will be a "trough quarter." In other words, this should be the bottom.
He concluded, "I'm not a big fan of Target, but I can see it trading to $65." It is currently trading around $62.
-- Written by Bret Kenwell in Petoskey, Mich.