Five Below (FIVE) PT Lowered to $124 at Goldman Sachs

Goldman Sachs analyst Kate McShane lowered the price target on Five Below (NASDAQ: FIVE) to $124.00 (from $163.00) while maintaining a Buy rating.

The analyst comments "We are lowering our estimates for FIVE after the company's Q2 pre-announcement. The company also announced that its CEO and President, Joel Anderson, is leaving the company to pursue other interests, with Kenneth Bull, the company's COO, named Interim CEO and President immediately. Based on the company's Q2 pre-announcement, sales through July 13 increased 9.5% with SSS down 5.0%. The company is now guiding sales of $820-$826M for Q2 with SSS of -6% to -7% with EPS now expected to be in the range of $0.53 to $0.56. This compares to the company's original guidance Q2 for sales of $830-$850M, SSS down MSD and EPS of $0.57-$0.69. Our FY24 EPS is now $5.06, down from $5.29. Our FY25 and FY26 estimates are now $5.92 and $7.05, down from $6.25 and $7.43. Our target price goes to $124, down from $163."

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