Truist upgraded Five Below (FIVE) to Buy from Hold with a price target of $216, up from $179. The company’s Q3 report is a “game changer,” the analyst tells investors in a research note. Truist now believes Five Below’s sales growth is “far more sustainable” than previously anticipated. With the upcoming tax refund season and management’s additional levers margins, the stock can “command a significantly higher multiple,” contends Truist.
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