UPDATE: Credit Suisse Raises PT on Five Below Following Impressive Comp Performance
In a report published Tuesday, Credit Suisse analyst Christian Buss reiterated a Neutral rating on Five Below (NASDAQ: FIVE), and raised the price target from $37.00 to $43.00.
In the report, Credit Suisse noted, “Five Below's impressive comp performance (28 consecutive quarters of positive comps) is highly dependent on the company's ability to merchandise its stores with the right product. We view merchandising and assortment planning as core to FIVE's success and part of its competitive advantage over potential rivals, with comp levels well above the typical dollar store (peak comps in mid-20s). Despite its competitive positioning and favorable growth profile, valuation is our holdback (42x FY14 P/E), and we maintain our Neutral rating. We are raising our target price to $43 (from $37.).”
Five Below closed on Monday at $36.28.
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