We are reiterating our Buy rating, projections and $58 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. We believe, with compelling offerings, the ability to launch new exciting seasonal items and then further leverage the offerings via extensions into Mini (Beans) or Giant sized "furry friends," the ability to drive upside from movie releases, to quickly capitalize on online trends and to expand key licensed franchises (Sanrio, Pokemon), Build-A-Bear is putting on a master class in how to drive incremental purchases and to achieve top and bottom line growth. As such, we remain highly impressed and believe there remains upside to our top and bottom line projections and price target and reiterate our Buy rating and $58 price target.
