Five Below (FIVE) PT Lowered to $120 at Telsey

Telsey analyst Joseph Feldman lowered the price target on Five Below (NASDAQ: FIVE) to $120.00 (from $155.00) while maintaining a Outperform rating.

The analyst comments "CEO Departure: After the markets closed on Tuesday, July 16, Five Below announced CEO Joel Anderson stepped down and COO Ken Bull was appointed Interim President and CEO, effective immediately. Mr. Anderson took sales to $3.6B in 2023 from $680MM when he joined the company in January 2014, but the recent disappointing and choppy performance likely caused the board to reevaluate his leadership. We believe Mr. Bull is a good choice to lead the company in the near-term, given his ~19 years at Five Below, deep understanding of the business and strategy (helped design the Triple Double growth plan), operational background as COO for over a year, and financial acumen as CFO for ~11 years. Importantly, Mr. Bull is keenly aware of the need to focus on trend-right products that offer greater value. Five Below has initiated a search to find a permanent CEO and will consider internal and external candidates."

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