We are reiterating our Buy rating, projections and $58 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. With the Spring/Easter season in full bloom, Build-A-Bear continues to offer a compelling collection of new "furry friends," costumes, golden eggs and assorted seasonal goods to drive momentum. Further, we are seeing launches of new licensed characters (Pokémon), expansion of the menagerie of unique animals, new Mini-Beans and planned growth in the Promise Pets offerings. All in all, we believe sales momentum has remained strong and, with the later Easter, should position Build-A-Bear for an impressive 1Q. As such, we reiterate our Buy rating and $58 price target for BBW.
