We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting the Build-A-Bear X Hello Kitty and Friends Workshop store in the Westfield Century City shopping center in Los Angeles. As the store nears its one-year anniversary on November 15th, we believe it remains a key tourist attraction and showcases Build-A-Bear's ability to leverage unique properties to create a compelling shopping experience which we believe has the potential to expand, either as a stand alone or "shop in shop" and drive higher overall returns. With the company increasingly expanding tourist driven locations in the domestic arena, we believe the Build-A-Bear X Hello Kitty and Friends Workshop provides a model for further higher margin domestic store expansion, and we reiterate our Buy ratinag and $75 price target for BBW.
