BofA lowered the firm’s price target on Five Below to $75 from $104 and keeps a Neutral rating on the shares. The firm cut its FY24 and FY25 EPS estimates by 6% and 10%, respectively, on lower store growth in FY25 and lower comp estimates based on the current weak trajectory and lack of visibility on a comp inflection, the analyst tells investors. While the firm thinks Five can improve execution and drive traffic over time by refocusing on value, it could take a few quarters to see results, the analyst added.
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