"I think Target's good. It's certainly better than the other broad lines." he said. "But the problem with Target is, is that it needs to blow away."
Cramer said he was especially disappointed with the fact that the discount retailer's digital channel sales grew about 20 percent in its third quarter, slowing from 30 percent in the previous quarter. This comes as a contrast to other retailers which exceeded earnings expectations, such as Home Depot and Lowe's.
"But remember, they're in homes and your home's going up." Cramer added. "When your home goes up, you no longer feel like you're spending. You feel like you're investing. And people who go to HomeGoods and people who go to Home Depot and people who go to Lowe's, they feel like they are investing."
"I think Brian Cornell can turn it around by talking about the consistency, the right demographic, cradle to grave, 'Star Wars,' but he's got to do it. He's got to do it. The thesis and the narrative has to get better," Cramer said.
Target shares were down 5.4 percent at $68.95 midday Wednesday.
Disclosure: Cramer's trust owned Target's stock when this article was published.