We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear as we look at key trends for 2HFY25 and beyond. We believe the company remains ideally positioned, with multiple drivers in store, internationally and third party operations to register top and bottom line upside for 2H and beyond, and to continue to capture further margin expansion. Further, we believe there remains online opportunities to continue to expand the overall Build-A-Bear universe. As such, we remain highly enthusiastic on BBW and reiterate our Buy rating and $65 price target.
