Five Below price target lowered to $150 from $215 at Mizuho

Mizuho lowered the firm’s price target on Five Below to $150 from $215 and keeps a Buy rating on the shares. The company’s Q1 comp sales missed guidance by a wide margin, prompting a fiscal 2024 guidance cut to levels well below initial expectations, the analyst tells investors in a research note. The firm says the drop-off in demand beginning around the Easter holiday has continued into early Q2. Mizuho still sees longer-term potential in the Five Below model and opportunities emerging at current share levels.