Craig-Hallum analyst Jeremy Hamblin lowered the firm’s price target on Kura Sushi to $120 from $130 and keeps a Buy rating on the shares. The firm lowered its price target following Kura releasing disappointing Q3 preliminary results with downside on total sales and SSS driven by unanticipated softness in the California market following the FAST Act, as well as lowering the midpoint of its FY24 sales guidance. Despite the preliminary results, Craig-Hallum noted that Kura’s margins remain at the top of the casual dining sector and believes Kura will be a “top-tier growth story in the restaurant sector for the next decade,” and the firm kept the company on its Alpha Select List.
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