Craig-Hallum raised the firm’s price target on Five Below to $125 from $102 and keeps a Buy rating on the shares. The firm’s fieldwork indicates Five Below has seen a strong rebound in sales trends since early August with trends accelerating in September driven by a fresh Halloween assortment. In addition, Craig-Hallum’s checks indicate that summer clearance items have driven traffic gains and higher UPTs as the core customer remains engaged at stores. The company’s licensed business has improved with success of Hello Kitty and the new Beetlejuice movie raising the firm’s excitement level for the prospects of Wicked in November.
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