Wells Fargo raised the firm’s price target on Five Below (FIVE) to $190 from $175 and keeps an Overweight rating on the shares. The firm says Q3 was even more impressive than expected with a broad-based earnings beat and larger Q4 raise than expected. Management’s recent conservatism seems embedded in Q4 comp/margin guide. Reasonable to fear compares ahead, but multi-year story is back, Wells adds.
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