Five Below (FIVE) PT Raised to $53 at Deutsche Bank Ahead of 1Q Report

Deutsche Bank raised its price target on Five Below (NASDAQ: FIVE) to $53.00 (from $48.00) while maintaining a Hold rating ahead of 1Q release. Analyst Paul Trussell believes that a well executed Spring/Easter assortment coupled with strong demand for fidget spinners likely boosted 1Q SSS performance. Deutsche Bank raised SSS estimates up 150 bps to 2.0% vs. the Street at 1.3%.

Trussell anticipates that trends have continued into the 2Q, leading to solid SSS guidance of up 3% or better. In addition, store productivity levels are expected to hit a high, given robust California openings, based on checks.

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