Why Five Below Stock Popped by 8% on Tuesday
Any time an analyst cranks their price target on a stock more than 50% higher, you can bet the market will stand up and take notice.That's what happened on Tuesday, with retail stock Five Below (NASDAQ: FIVE). On such a move by a pundit, investors lapped up the stock to send it to a more than 8% price gain at market close. That made it look good even next to the sprightly S&P 500 index (SNPINDEX: ^GSPC), which gained a bit over 2%.Before market open, Citigroup's Paul Lejuez raised his Five Below price target. Actually, it might be more accurate to use a verb like "catapulted." The pundit's new fair-value assessment of the retailer places it at $121 per share, well up from his former level of $80. Despite the fairly drastic move, Lejuez maintained his neutral recommendation on the stock. Continue reading
Any time an analyst cranks their price target on a stock more than 50% higher, you can bet the market will stand up and take notice.
That's what happened on Tuesday, with retail stock Five Below (NASDAQ: FIVE). On such a move by a pundit, investors lapped up the stock to send it to a more than 8% price gain at market close. That made it look good even next to the sprightly S&P 500 index (SNPINDEX: ^GSPC), which gained a bit over 2%.
Before market open, Citigroup's Paul Lejuez raised his Five Below price target. Actually, it might be more accurate to use a verb like "catapulted." The pundit's new fair-value assessment of the retailer places it at $121 per share, well up from his former level of $80. Despite the fairly drastic move, Lejuez maintained his neutral recommendation on the stock.
