We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. We believe, with graduation season in full swing, the launch of multiple Summer driven collections, the relaunch of Pokémon Eeveelutions and continued excitement from Promise Pets and Sanrio, coupled with a shift back to full price “furry friend” selling, 2Q momentum is looking positive (even though tariffs will remain a drag). Frankly, our May visits were the first highly positive store visits for us in 2026 and, hopefully, presage the return to upside (and bottom line growth) in 2HFY26.
