Five Below price target raised to $220 from $210 at Guggenheim

Guggenheim raised the firm’s price target on Five Below to $220 from $210 and keeps a Buy rating on the shares. Following share price strength over the past six months or so, the company’s "modestly below-consensus" 2023 bottom-line guidance "may be disappointing to investors," but the firm thinks this reflects "comp conservatism given a choppy macro backdrop" and it believes the business should exit the year with strong topline momentum and a path to accelerated intermediate-term margin expansion. The firm raised its 2023 and 2024 estimates, but notes that they stay below consensus in light of an uncertain operating environment.