Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Five Below to $120 from $155 and keeps an Outperform rating on the shares. The firm is “disappointed” by the departure of CEO Joel Anderson and the reduced Q2 guidance, the analyst tells investors. While recent poor performance and mismanagement are reasons for a downgrade, the firm notes at its current valuation, it believes the stock is close to a bottom and the bad news is largely reflected in the share price.
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