JPMorgan lowered the firm’s price target on Five Below (FIVE) to $107 from $110 and keeps an Underweight rating on the shares as part of retail preview ahead of next week’s ICR Conference. The firm models up 2.8% average Q4 same-store-sales across its coverage – commensurate with the Q4 performance a year. It sees initial Q4 outlooks embedding potential election disruption in November, the shortened Holiday calendar, and potential heightened promotional activity following a softer start to winter.
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