CNBC's Jim Cramer on Monday reviewed Target's recent successful quarter and suggested stock of the big box retailer has room to run.
CNBC's Jim Cramer on Monday reviewed Target's recent successful quarter and suggested stock of the big box retailer has room to run.
"Brian Cornell and his team have spent years executing a turnaround at Target and now the comeback is finally kicking in," he said. "Even though the stock soared last week, it's way down from its highs, so I'd be a buyer right here, right now.""Brian Cornell and his team have spent years executing a turnaround at Target and now the comeback is finally kicking in," he said.
Target has also made decent progress reducing theft, which had a big positive impact on margin growth, Cramer said. Management said it saw better-than-expected results in the most recent store inventory counts, adding that the company expects next quarter's gross margin to benefit from "lower shrink costs." Cramer also said he was impressed by the relaunch of the retailer's loyalty program, which gained more than two million new members over the quarter.
"In the end, this was a really strong quarter from Target in a tough operating environment — easily their best quarter in recent history," he said. "Not only were the numbers phenomenal, but there was a feeling that the company's in a much better strategic position."
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