Cramer: Target 'not the blowout number that I was looking for'

Cramer says Target was not the 'blowout' he expected

After Target matched earnings estimates Wednesday morning, CNBC's Jim Cramer said the company's results were "not the blowout number that [he] was looking for"

"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."

Shoppers outside a Target store in Mount Kisco, New York.
Target posts earnings of 86 cents/share, meeting estimates
A Lowe's store in Mount Laural, New Jersey
Lowe's posts earnings of 80 cents a share vs 78 cents estimate
A Home Depot store in Miami, Florida.
Home Depot posts earning beat

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."

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As seen with other major apparel retailers like Macy's and Nordstrom, Cramer said apparel is not something people are investing in. However, he believes Target's CEO can help the company bounce back.

"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.