Five Below (FIVE) PT Raised to $278 at Mizuho

Mizuho analyst David Bellinger raised the price target on Five Below (NASDAQ: FIVE) to $278.00 (from $260.00) while maintaining a Outperform rating.

The analyst commented: "Five Below (FIVE) shares are nearing an all-time high ahead of Q2 results. Investors are asking: What gets this to an even more bullish $300+ share price scenario? We find an unconventional parallel in restaurant concept Chili's and its re-rating for Brinker (EAT) shares. Similarities we see: 1) Leaning into social channels and viral trends have notched comps markedly higher in recent quarters; 2) Both companies are maintaining top-line momentum, despite difficult comparisons, on better core product and strong customer retention; 3) Accelerating unit growth remains a coming catalyst. Our work indicates FIVE trends have picked up recently despite lapping last year's price increases. We expect strong Q2 results and raised 2H guidance to signify a profoundly positive affirmation of the model. Raising multiple, PT to $278."

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