Wells Fargo Starts Five Below (FIVE) at Market Perform; Treasure Hunting Format

Wells Fargo initiates coverage on Five Below (NASDAQ: FIVE) with a Market Perform. PT range $29-$31.

Analyst, Matt Nemer, said, "Five Below is in an elite class of high growth retailers, with a unique value-oriented concept, exceptional and consistent new store economics, and a huge store growth opportunity that we think can continue at the current pace for 20+ years. Our positive long-term view is balanced by the stock’s rich valuation at 49x our 2013 EPS estimate, nearly 2x the average multiple in our high growth comp group. We believe the shares are priced with little margin for error, which is partially a function of the small offering size."

For an analyst ratings summary and ratings history on Five Below click here. For more ratings news on Five Below click here.

Shares of Five Below closed at $32.71 yesterday.

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