Five Below price target lowered to $180 from $200 at Wells Fargo

Wells Fargo analyst Edward Kelly lowered the firm’s price target on Five Below to $180 from $200 and keeps an Equal Weight rating on the shares. The company provided a “surprisingly disappointing update” when reporting Q4 results given management’s under appreciation of the shrink issue and a slow start to 2024, the analyst tells investors in a research note. The firm still sees “key hurdles” to buying the shares on the selloff and remains on the sidelines.