BofA double upgrades Five Below to Buy as results improve under new management

As previously reported, BofA upgraded Five Below (FIVE) to Buy from Underperform with a price target of $233, up from $158. The firm believes shares will return to a higher P/E multiple as results continue to improve under the new leadership of CEO Winnie Park, CFO Dan Sullivan and Chief Merchant Michelle Israel, the analyst tells investors. Five Below’s new initiatives in marketing should drive traffic/transactions and mix shift to higher price points that could result in comps upside for years, the analyst added.