We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten. Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong. In sum, we believe Build-A-Bear remains ideally positioned for solid Holiday sales, and we reiterate our Buy rating and $65 price target on BBW.
