We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. We believe Build-A-Bear has continued to drive further excitement (and shopping) for the crucial Halloween period, rolling out new licensed product, "furry friends," Mini Beans and costumes. That said, the company is also demonstrating their more than just Halloween, with an impressive display for the start of the NFL season and continued expansion of core franchises such as Sanrio and Pokémon. As such, we are confident the company will be one of the key winners in 3Q and is well positioned to shift into what should be a compelling series of offerings for Xmas. We reiterate our Buy rating and $75 price target for BBW.
