We are reiterating our Buy rating, projections and $65 price after visiting Build-A-Bear Workshop X Hello Kitty stores in the American Dream Mall in New Jersey and Westfield Century City in Los Angeles. We believe these locations provide a road map for further focused expansion and how Build-A-Bear has the potential to leverage their unique experiential retail model to drive further strong results and longer term positives. As such, we reiterate our Buy rating and $65 price target for BBW.
