NEW YORK (TheStreet) -- TheStreet's Jim Cramer says Target (TGT) CEO Brian Cornell under-promised and over-delivered by tempering expectations, and the retail chain announced better-than-expected third-quarter earnings on Wednesday.
Cramer says Cornell has already turned around the company's disastrous Canadian operations, which had been losing hundreds of millions of dollars, and his online presence where he gave away shipping appears to be working. Cramer says Cornell is also changing the merchandise rather quickly.
The stock has run from the $60 and $70 ranges, but Cramer says stocks tend to go higher with multi-year moves.
TJX Companies (TJX) reported disappointing earnings Tuesday but came right back, and Macy's (M) previously cut its forecast and received a downgrade but came right back. Cramer says Target, like Walmart (WMT) , is on fire, and investors should look at these as go-to names if they see downdraft from Ukraine, Japan, Europe, or the dollar.
Cramer says he likes Target and thinks Cornell has a lot of work ahead of him, but Cramer is confident he can do it.
TheStreet Ratings team also rates TARGET CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: