UPDATE: BMO Capital Markets Downgrades Build-A-Bear Workshop; Lowers PT

According to a research report published earlier today, BMO Capital Markets has downgraded Build-A-Bear Workshop

from Outperform to Market Perform, and has decreased PT from $8 to $5. In the report, BMO Capital Markets commented, “We are downgrading because we have lost a degree of confidence in management's ability to execute a successful turnaround. We believed we were seeing signs of stabilization last year, with US same-store sales gains in 2Q and 3Q, but the company's poor holiday/4Q11 performance has made us reassess that conjecture. The company has outlined plans to address the shortcomings of the business, but upon further investigation, we are unsure if these plans are robust enough to generate sufficient returns for shareholders.” Build-A-Bear Workshop is currently trading at $5.14.