We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop as we look ahead to 2026. We believe the company, while tariffs will negatively impact 1H26, remains among the best situated consumer plays, and we look forward to material positives, from further international expansion, continued domestic growth, new products and relationships, to drive strong results and, when combined with a shareholder-friendly management team utilizing a cash-rich balance sheet to return capital to shareholders, drive bottom line upside. As such, we reiterate our Buy rating and $65 price target for BBW as we enter 2026.
