NEW YORK (TheStreet) -- Shares of Target (TGT) rose 6.6% on Wednesday after surprising analysts with a top- and bottom-line earnings beat. The quarter was great, but it's time to take profits for now, said Pete Najarian, co-founder of optionmonster.com and trademonster.com.
"I don't think there's anything wrong with the company," he added on CNBC's "Fast Money Halftime" show. The stock has simply moved too far to fast. He also took profits in Lowe's (LOW) for similar reasons.
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Investors don't need to sell Target, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. He didn't recommend investors start a new position near current levels but those who have been long can stay long.
Companies likes Target and Wal-Mart (WMT) can rally longer than many investors expect because the stocks have underperformed so badly for much of the past two years. These two companies will also benefit greatly from lower gas prices, Brown reasoned.
"Target reported a great quarter, but what catalyst exists to push the stock even higher from here?" asked Mike Murphy, founder of Rosecliff Capital. He advocated taking profits near current levels.
It's never a bad idea to lock in profits when they exist, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com. He likes Wal-Mart on the long side and says the stock is under-owned by institutions. For that reason the stock can continue to move higher.
Brian Cornell, CEO and chairman of Target, was a guest on the show. Customer satisfaction is the company's top goal, he said. Target needs to have the right product in the store, specifically in these four categories: baby, home, kids and style. Management is not satisfied with the company's Canadian operations, something that remains a focus going forward.