Five Below price target raised to $140 from $115 at Wells Fargo

Wells Fargo raised the firm’s price target on Five Below (FIVE) to $140 from $115 and keeps an Overweight rating on the shares. The firm says the company provided an encouraging Q1 update with an appealing balance of turnaround progress and conservative guidance. A renewed focus on customer value positions it well in a challenging backdrop, Wells adds. The firm continues to like the set-up despite the recent run.