** Five Below's FIVE.O shares up 1.3% to $199.38 early Weds after BofA Global Research upgrades discount retailer to 'buy' from 'underperform'

** Brokerage boosts PT from $158 to $233, implying 18% upside to stock's last close

** BofA says in note it believes FIVE shares will lift to a higher P/E multiple as results continue to improve under new leadership, with a return to a focus on Kids and the Millennial Mom (vs. preteens & teens)

** Key merchant-led initiatives by FIVE include more core ($1-$5) and rounded price points, new "extreme value" items priced >$5, BofA says

** Brokerage also points to reduced SKUs (stock keeping units) and more newness, better inventory flow and in-stock positions, cleanliness and associate retention and improved seasonal and license merchandising

** Now, 15 of 26 brokerages rate the stock "strong buy" or "buy", 11 "hold"; median PT $220, per LSEG data

** With move on the session, stock up ~6% YTD and has slightly more than doubled over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))