Five Below price target raised to $140 from $125 at Guggenheim

Guggenheim analyst John Heinbockel raised the firm’s price target on Five Below (FIVE) to $140 from $125 and keeps a Buy rating on the shares. The “constructive” Q3 report and initial Q4 guidance “was not especially surprising, given the strength in recent third-party data,” though the “magnitude was better than we expected,” the analyst tells investors. Meanwhile, the hiring of a talented CEO “much earlier than we anticipated” further bolsters the “model is not broken” narrative, the analyst added.