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, with the relaunch of Pokémon Eeveelutions, continued solid graduation driven demand and the World Cup and NBA Finals, Build-A-Bear has been able to drive solid results so far in 2Q. Further, even with continued BOGO $15 sales, now on key new and licensed items, we remain comfortable with our projections for a YoY EPS decline in the quarter. With BBW trading under 8X our FY27 EPS, we remain positive on the name and reiterate our Buy rating and $65 price target.
