Five Below price target raised to $135 from $110 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Five Below (FIVE) to $135 from $110 and keeps an Equal Weight rating on the shares. The firm is encouraged by Five Below’s continued progress from improvements in product, value, and customer experiences, which should persist into Q2, the analyst tells investors in a research note. There could be room for upside if Five Below can maintain its price gaps vs. peers, but tariff risks still persist for 2025, Morgan Stanley says.