Jim Cramer on Target CEO: “Mike’s Going to Have to Reinvent to Stay Relevant”

Target Corporation (NYSE:TGT) is one of the stocks in focus this week under Jim Cramer’s game plan. Cramer highlighted the change in management and what the CEO should do, as he said:

Tuesday morning’s back to retail. Target’s got a new CEO, Mike Fiddelke, and I imagine we’re going to start with holding him accountable instantly, even though he just got the job. His predecessor, Brian Cornell, took matters into his own hands immediately when he became CEO and shed the money-losing Canadian division, which was just crushing Target. It was a gutsy thing, and people loved him immediately. Target’s situation is a difficult one. It lacks the scale and reach of Amazon, Walmart, or Costco. Mike’s going to have to reinvent to stay relevant, I think, and he’s gotta do it quickly.

Stock market reports printed on a sheet of paper. Photo by RDNE Stock Project on Pexels

Target Corporation (NYSE:TGT) is a retailer that sells clothing, beauty items, groceries, electronics, home goods, and everyday essentials. During the January 22 episode, Cramer noted that he wanted to speak to the new CEO, as he remarked:

I think that you gotta hold on to Target. Got a new CEO… Target seems to find itself in all sorts of trouble all the time. But for the first time in a long time, this stock is bouncing off its low with a 4% yield. I am going to bless you owning Target. Put some on here, and we have 300… maybe even buy another 100 if the stock gets to 100. Let’s have the new CEO on. I really want to speak to him because I’ve been a big Target fan for a very long time.

We recently discussed Bernstein’s price target revision for the stock. You check it out here.

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