Susquehanna Lowers Their Price Target on Build-A-Bear Workshop (BBW) to $10
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Susquehanna lowers their price target on Build-A-Bear Workshop (NYSE: BBW) to $10 but maintains their Positive rating.
The firm said, "As the American consumer feels the pinch of higher fuel and food costs, as well as declining house values and tighter credit, highly discretionary specialists are in a difficult position to drive growth. Unfortunately, with BBW stuck in this scenario, we are reducing our comp and earnings outlook for both 2Q08 and the balance of the year. Specifically, we are now targeting a 2Q08 comp decline of 13.9% and an EPS loss of $0.14, down from our prior forecasts of (10.3)% and breakeven, respectively. Incorporating lower comp and margin assumptions for 2H08, our 2008 EPS forecast is now $0.70 (vs. $1.24), $0.54 below our previous projection."
Positively, the firm believes that the company’s core strategy represents a sustainable and profitable business model. In addition, BBW appears to have a strong financial condition with no debt and projected year-end cash of $80 million, or nearly $4 per share.
Build-A-Bear Workshop, Inc. operates as a specialty retailer of plush animals and related products.
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