Five Below upgraded to Outperform from Market Perform at William Blair

William Blair upgraded Five Below (FIVE) to Outperform from Market Perform without a price target The firm is “increasingly confident” that Five Below has “plenty of levers to comp the comp” and is well positioned for a series of beat-and-raise quarters throughout the year. The earnings reports should continue to support shares despite elevated expectations, particularly as investors “seek out defensive, consistent names in a tricky consumer environment,” the analyst tells investors in a research note. Blair believes Five Below’s 2026 outlook “leaves plenty of room for upside.”