Five Below falls after Oppenheimer downgrades to 'perform'

Five Below

30/01/2024 16:51

(Updates)
    ** Shares of the discount store chain Five Below  FIVE.O 
fall as much as 2.8% to $181.63, hitting over two-month low
    ** Stock on course for third consecutive session of loss, if
current levels hold
    ** FIVE gets its second rating cut in Jan, with Oppenheimer
cutting to "perform" from "outperform"
    ** Oppenheimer says starting to "fret" co's underlying
growth dynamics are slowing given stepped up reinvestment
requirements
    ** Says moderating growth rates typically leads to lower
multiples for shares
    ** Cuts PT on FIVE from $235 to $200 that, while 7% higher
than last close, is the joint fourth-lowest on Wall St
    ** Analysts median PT on FIVE is $225 - LSEG data
    ** Earlier in Jan, Craig Hallum cut its rating, PT on FIVE
    ** Now, 19 of 23 brokerages rate FIVE the equivalent of
"buy" or "strong buy" and 4 rate it "hold", vs a split of 20 to
2 a month back - LSEG data

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))