NEW YORK (TheStreet) -- Shares of Target Corp (TGT) were up 0.92% to $78.64 on heavy volume in midday trading Wednesday, after the big box retailer reported first quarter earnings and revenue that beat analysts' expectations earlier today.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "Target is valued absurdly. It should be much higher. Take a look at Macy's (M). It reported subpar results and it's now above where it was when it reported them."
"Target, which did phenomenally in apparel and is doing an aggressive buyback is crushing it. Macy's rallied back a couple of weeks. I think Target will do the same and as we told people in ActionAlertsPlus.com we wish we could buy more, and it is a gigantic position," Cramer added.
In the first quarter, the retailer earned $1.10 per share, up from 70 cents a share a year ago. Target posted revenue of $17.12 billion for the quarter.
Analysts expected Target to post earnings of $1.03 per share on $17.08 billion in revenue, according to analysts surveyed by Thomson Reuters.
For the second quarter, Target expects earnings of between $1.04 to $1.14 per share.
The company also raised its full year earnings guidance to $4.50 to $4.65 per share, from its previous forecast of $4.45 to $4.65 per share.
About 6.5 million shares have exchanged hands as of 12:09 p.m. ET today, compared to its average trading volume of about 4.33 million shares a day.