We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. We believe, after a strong Xmas, the company has continued to excel, rolling out a new line of characters (KABU) and launching a winning Valentine’s Day collection, with an emphasis on multi-size “furry friends,” new licensed characters (Sanrio) and costumes, and a continued emphasis on unique experientially driven looks. We believe Build-A-Bear remains among the best positioned consumer plays, and we reiterate our Buy rating and $65 price target for BBW.
