UPDATE: Barclays Starts Five Below (FIVE) at Equalweight; Positives Reflected in Lofty Valuation

(Updated - August 13, 2012 1:50 PM EDT)

Barclays initiates coverage on Five Below (NASDAQ: FIVE) with an Equalweight. PT $30.00.

Analyst, Meredith Adler, said, "We believe FIVE has a unique and attractive business model, with its growth still being in an early stage. In our view, the combination of strong same-store sales, rapid unit growth, and slight margin expansion will drive rapid earnings growth over time for at least the next five years...At the same time, we believe current valuation-a P/E of 45x on our FY13 EPS (a PEG ratio of 1.2x)-fully reflects these positive factors."

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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