Five Below price target lowered to $136 from $176 at Truist

Truist lowered the firm’s price target on Five Below to $136 from $176 but keeps a Buy rating on the shares after its Q1 earnings miss and guidance cut. The print and outlook guide were “ugly”, though the management has liked “kitchen sink’d” its outlook by assuming no improvement in sales despite expected new product launches and no improvement in shrink despite success in recent mitigation efforts, the analyst tells investors in a research note. Five Below should be bought on the post-earnings weakness, Truist added.