Kura Sushi price target lowered to $52 from $99 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Kura Sushi (KRUS) to $52 from $99 and keeps a Neutral rating on the shares following quarterly results. For the quarter, same-store sales were down 5.3%. In the current Q3-to-date time period, management spoke about March in a more positive light, and also expressed optimism that IP collaborations starting in May as well as the roll-out of the new reservation system should be a same-store sales tailwind from here, Piper says. With the release, management reaffirmed its full-year revenue guidance, which assumes that there is no change in consumer behavior from here.