Street View: Brokerages bullish on Five Below after strong Q2 results
BUZZ-Street View: Brokerages bullish on Five Below after strong Q2 results ** Shares of discount retailer Five Below FIVE.O rise nearly 5% to more than $254 premarket
** Company beat Q2 estimates and raised annual forecast on Wednesday, betting on resilient demand from value-focused shoppers
** Median PT of 27 brokerages covering the stock is $290 - LSEG data
RESULTS REINFORCE BULLISH CONVICTION
** Jefferies ("buy", PT: $420) says growth is broad and consistent, margins and EPS jumped well above expectations and the company keeps opening productive new stores while returning cash to shareholders, all signaling more room to grow
** J.P.Morgan ("overweight", PT: $368) comps nearly doubled the Street's estimate with strong traffic, and profits flow through efficiently as sales grow. Forecast for both Q3 and full year came in well above Wall Street's numbers, showing management sees the momentum continuing
(Reporting by Miraanta Lowrance in Bengaluru)
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