UPDATE: Goldman Sachs Group Reiterates Neutral Rating, Raises PT on Five Below
In a report published Friday, Goldman Sachs Group reiterated its Neutral rating on Five Below (NASDAQ: FIVE), and raised its price target from $35.00 to $37.00.
Goldman Sachs noted, “FIVE reported adjusted EPS of $0.03, exceeding GS/consensus of $0.01 and above guidance for $0.00-$0.01. The $0.02 beat relative to our estimate was driven by above-plan sales (8.8% vs. guidance of 4.0% and our 5.5% estimate) coupled with better corresponding leverage in gross margin and SG&A. Management raised FY12 guidance to $0.47-$0.49 on a 7.0% comp as it flowed through the 3Q beat. Despite a negative impact from Hurricane Sandy, management guided to a 4% 4Q comp and EPS of $0.35-$0.37 as it expects to recover as the holiday period progresses.”
Five Below closed on Thursday at $31.39.
Latest Ratings for FIVE
|Jul 2014||Wells Fargo||Upgrades||Market Perform||Outperform|
|Jun 2014||Morgan Stanley||Initiates Coverage on||Equal-weight|
|Jun 2014||Wedbush||Initiates Coverage on||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.