UPDATE: Credit Suisse Initiates Neutral, $35 PT on Five Below on Valuation Reservation

Credit Suisse initiated its coverage on Five Below FIVE with a Neutral rating and a price target of $35. Credit Suisse commented, "We view Five Below as one of the most intriguing growth retail concepts to be developed over the past decade, with compelling store growth opportunity, a strong economic model, and merchandising expertise that helps mitigate the risks associated with targeting teen and pre-teen consumers. However, a rich FY13 P/E multiple of 57 suggests limited upside potential to shares in the near term." Five Below closed at $32.71 on Friday.