William Blair analyst Daniel Hofkin upgraded Five Below (NASDAQ: FIVE) from Market Perform to Outperform.

The analyst comments "We are upgrading shares of Five Below to Outperform. We have been cautious on shares against increasingly difficult comparisons, particularly as the company begins to lap price increases in the second half of 2026, and after the stock has been on a major run that has seen its price nearly triple over the past year. However, we are increasingly confident that Five Below maintains plenty of levers to comp the comp and is well positioned for a series of beat-and-raise prints throughout the year, which we believe should continue to support shares despite elevated expectations, particularly as investors seek out defensive, consistent names in a tricky consumer environment."

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 $212.47 yesterday.