We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop, with the company announcing 4QFY24 (January) results on Wednesday before the open. We believe, with impressive owned store results during the Holidays and the new third party locations becoming an increasingly higher piece of the overall profitability of the business, Build-A-Berar is poised for strong 4Q results and potential top and bottom line upside. Further, with the company enjoying a strong Valentine's Day season and the Spring calendar materially more favorable, we believe management will be positive for FY25. As such, and with BBW trading at 10X our FY25 EPS, we view the risk/reward as highly favorable, and reiterate our Buy rating and $58 price target for BBW.
