Kura Sushi price target lowered to $63 from $89 at Piper Sandler

Piper Sandler lowered the firm’s price target on Kura Sushi to $63 from $89 and keeps a Neutral rating on the shares. While the quarter was already pre-announced, Kura Sushi indicated that it expects its Q4 same-store sales to be down in the mid single to high single digit percent range, which is well below pre-print consensus, the analyst tells investors in a research note. Management indicated that its stores in California saw a pretty sharp trend change beginning in April, which surprised the team; and which has continued since that time, the firm says.