We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear Workshop with the company announcing 2QFY25 (July) results before the open on Thursday. We believe, with continued strong product offerings, price increases and international expansion, Build-A-Bear has been able to somewhat offset the impact of tariffs and position the company for strong 2Q and FY25 results. Further, we expect the company has continued to return capital to shareholders via share repurchases and dividend payments. As such, we believe Build-A-Bear remains positioned as a key winner in the consumer space for 2025 and beyond, and we reiterate our Buy rating and $65 price target for BBW.
