Citi analyst Paul Lejuez raised the firm’s price target on Five Below (FIVE) to $135 from $121 and keeps a Neutral rating on the shares. The company’s Q1 comps and earnings were slightly ahead of their pre-announced range and Q2 trends have accelerated versus Q1, the analyst tells investors in a research note. The firm now finds more likely that Five Below can move back toward double-digit EBIT margins over time as it scales with vendors in new countries. Citi sees near-term upside to shares, but still views the stock’s risk/reward as more balanced over the next 12 months.
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