Five Below downgraded to Market Perform from Outperform at Telsey Advisory

Telsey Advisory analyst Joseph Feldman downgraded Five Below (FIVE) to Market Perform from Outperform with a price target of $95, down from $102. Five Below is undergoing a major strategic transition across its business model, which combined with changes in leadership and potential pressure related to tariffs, clouds visibility on its near- to medium-term performance, the analyst tells investors in a research note. The firm believes many of the company’s initiatives are steps in the right direction and make sense, but says the changes could result in disruption over the next few quarters.