Evercore ISI analyst Michael Montani lowered the firm’s price target on Five Below to $230 from $240 and keeps an Outperform rating on the shares after the company reported “disappointing” Q4 earnings along with a softer than expected Q1 outlook due to slower sales and higher shrink. Five is taking action to correct its shrink issue, but the firm is reducing calendar year 2024 and 2025 EPS estimates by about 6%, with new estimates of $6.05 and $7.40 reflecting less comp growth and greater shrink, the analyst tells investors.
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