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Cramer made his remarks after Target posted quarterly earnings of $1.50 per share on revenue of $21.75 billion, beating expectations of $1.46 per share on $21.63 billion in revenue.
"Target has a major leg up on with [the Hispanic] demographic, and I think they're going to play on that," Cramer said Wednesday on CNBC's "Squawk on the Street. "
The CNBC commentator also said Target CEO Brian Cornell has been able to turn the company around by appealing to consumers setting up households, "He's going after babies [and] wellness [and] basically the consumer who [had] left Target. 'You start a household, you go to Target,' that's what he's saying," Cramer said.
Last week, Wal-Mart announced it plans to increase the starting wages of 500,000 workers to $9 an hour, effective in April.
"I know [Wal-Mart CEO] Doug McMillon is focused on wages, [but] he should be focused on Target, " Cramer said.
Target's move to expand its online business is another reason of concern for Wal-Mart, Cramer said. "Yesterday, Home Depot said that 40 percent of the people who order online … come to the stores to pick it up, and then they buy things, " he said.
Cramer also said Target does not face any additional big capital expenditure cuts in the wake of its decision to pull out of Canada. "This is a company that basically had to starve the U.S. because of Canada. That's over and they can do strategic placement of different brands," he added.