Five Below (FIVE) PT Raised to $223 at Truist Securities

Truist Securities analyst Scot Ciccarelli raised the price target on Five Below (NASDAQ: FIVE) to $223.00 (from $216.00) while maintaining a Buy rating.

The analyst comments "Net/net – Ahead of FIVE’s holiday sales release on Monday, Jan 12th, we are raising our 4Q comp estimate to 10%E from 8% and think further upside is likely as the company is currently tracking ahead of this new forecast but does face significantly more difficult comparisons in January. New Tools from our Data team indicate that FIVE experienced strong growth across all income tiers, underlining how broad Five Below’s sales strength has been. Given the company’s continued top-line momentum, likely benefits from the upcoming tax refund season, and additional margin expansion potential, we remain buyers of FIVE; PT to $223 from $216."

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