瑞穗证券将折扣零售商Five Below（NASDAQ： FIVE）的股票评级从“中性”上调至“跑赢大盘”，并设定目标价为220美元，认为其近期高达30%的股价回调明显过度。

　　瑞穗的分析师指出，该股股价从近期高点大幅回落近30%，同期标普500指数却录得上涨，这种背离造成了显著的估值错位。他们认为，Five Below强劲的客户留存率是下半年业绩超预期的关键驱动因素，并预计公司息税前利润（EBIT）利润率将实现可观扩张。

　　此次评级上调的直接背景是Five Below上一季度优异的财务表现。根据其一季度财报，公司营收同比增长32.5%至12.9亿美元，远超市场预期的12.3亿美元；调整后每股收益达2.22美元，同样显著高于分析师预期的1.77美元。一季度可比销售额更是飙升22.7%。尽管业绩亮眼，但由于对下半年消费者信心及关税影响的担忧，公司股价在财报后一度下挫逾12%。

　　根据公司指引，其2026财年第二季度营收预计在11.8亿至12亿美元之间，可比销售额预计增长7%至9%。瑞穗显然对管理层执行策略的能力更有信心，认为市场对关税和消费疲软的担忧有些过度。

　　受瑞穗此次评级上调及分析师看涨逻辑提振，Five Below股价在7月9日盘前交易中上涨超过2.6%。此前，该股已于7月8日报收于180.75美元，当日上涨2.55%。

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