Craig-Hallum lowered the firm’s price target on Five Below to $108 from $124 and keeps a Buy rating on the shares. The firm notes that Five Below delivered another disappointing update after the close on Monday, with the company lowering Q2 guidance and announcing the departure of President and CEO, Joel Anderson. The speed at which the Five Below story has unraveled in 2024 is stunning with the retailer previously among the best growth stories within retail and Anderson among the most respected and admired executives in the industry, Craig-Hallum says. The firm also adds that several data points have indicated that same-store sales weakened over the past month with guidance implying July same-store sales are expected down high single-digit.
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