Jefferies downgraded Five Below (FIVE) to Hold from Buy with a price target of $210, down from $215. The company reported a strong holiday beat and continues to benefit from a strategic merchandising reset under CEO Winnie Park, the analyst tells investors in a research note. However, with Five Below’s valuation now “well above” its three-year average, Jefferies sees room for multiple compression as the company’s comp growth normalizes. As such, Jefferies sees a a balanced risk/reward at current share levels.
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