CNBC’s Jim Cramer reviewed on Monday GoalThe recent successful quarter has shown that the wholesaler’s recommended share price still has room for improvement.

“Brian Cornell and his team have worked for years to get Target back on track, and now the comeback is finally starting,” he said. “Even though the stock soared last week, it’s still well below its peak, so I would buy here and now.”

Target beat Wall Street’s earnings and revenue expectations last week. Although management struck a cautious tone on full-year sales, leaning toward the lower end of estimates, investors were undeterred and shares rose about 11% in response to the report. Target posted huge gains during the Covid-19 pandemic, but business weakened in the aftermath.

According to Cramer, the company’s good performance is partly due to price reductions, a strategy that competitors such as Walmart And Costco good. In May, Target announced it would cut prices on about 5,000 items, including staples such as bread, meat, milk and vegetables. The retailer also reported a fourth consecutive quarter of positive trends in convenience goods. CEO Brian Cornell said the apparel sector posted comparable sales growth of 3%. These results come at a time when some convenience-focused companies are warning of weaker consumer demand.

Target has also made good progress in reducing theft, which Cramer said has had a very positive impact on margin performance. Management said it saw better-than-expected results from recent in-store inventory and expects gross margin to benefit from “lower shrink costs” next quarter. Cramer also said he was impressed with the relaunch of the retailer’s loyalty program, which added more than two million new members during the quarter.

“Ultimately, this was a really strong quarter for Target in a difficult business environment — by far their best quarter in recent history,” he said. “Not only were the numbers phenomenal, but there was a sense that the company is in a much better strategic position.”

Target did not immediately respond to CNBC’s request for comment.

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Disclaimer: CNBC Investing Club Charitable Trust holds shares of Costco.