Five Below down after weak forecasts, PT cuts

Five Below

06/06/2024 10:50

** Shares of discount store operator Five Below  FIVE.O  
down 16.6% at $110.70 in premarket trading 
    ** Co on Wednesday after market forecast Q2 net sales below
estimates and trimmed FY24 net sales outlook 
    ** Sees Q2 net sales in the range of $830 mln-$850 mln,
below estimates of $882.8 mln - LSEG
    ** Lowers 2024 net sales forecast to between $3.79 bln and
$3.87 bln, from $3.97 bln and $4.07 bln earlier
    ** At least 5 brokerages cut price target on FIVE post
results 
    ** Eighteen of 23 brokerages rate the stock "buy" or higher,
and 5 "hold"; their median PT is $183.50 - LSEG
    ** As of last close, FIVE down ~38% YTD
    
    
 Brokerage                New PT  Old PT
 Wells Fargo              $145    $180
 JP Morgan                $122    $170
 Citigroup                $175    $185
 Telsey                   $155    $220
   Advisory Group                 
 Jefferies                $180    $200
 

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))