Five Below initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Five Below (FIVE) with a Market Perform rating and $160 price target The early results of the company’s new management’s turnaround efforts have been encouraging, with comp sales growth rebounding to 7% in Q1 and 12% in Q2, but it is too early to declare victory, as Five Below is benefiting from a number of one-time factors, including tariff-driven price increases, Party City’s closures, and Temu’s pullback, the analyst tells investors in a research note.