We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut. We believe, after an outstanding Halloween season, Build-A-Bear pivoted to the Holiday offerings, with the return of Glisten & The Merry Mission "furry friends," new Sanrio and Stich Holiday-themed looks, the addition of Holiday Mini Beans and key items for the Wicked motion picture release. As such, and with gift card sales remaining robust, we believe Build-A-Bear is poised for a very strong Holiday period, especially when the costs of the Glisten movie are not anniversaried. As such, we reiterate our Buy rating and increasingly view our price target and projections as conservative.
