Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Five Below to $220 from $230 and keeps an Outperform rating on the shares. The company’s Q4 results and its guidance for Q1 and FY24 missed expectations, which was mainly due to higher-than-anticipated pressure from shrink, the analyst tells investors. Looking ahead, the company is taking active steps to mitigate shrink, which should work as the year progresses and the firm expects the pressure to prove somewhat transitory.
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