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:
"We rate TARGET CORP (TGT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
- You can view the full analysis from the report here: TGT Ratings Report