Wells Fargo upgraded Five Below to Overweight from Equal Weight with an unchanged price target of $180. The company “has had its share of issues and now seems poised to lower guidance against a choppy backdrop,” the analyst tells investors in a research note. However, the firm does not believe the story is broken and says the stock’s risk/reward “looks very good for those with some patience.” Five Below has been outpacing the discretionary comps of most peers, says Wells, which sees the company as an attractive growth name that should get back on track.
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