Why Kura Sushi Stock Dropped Almost 14% Last Month
Shares of sushi restaurant chain Kura Sushi (NASDAQ: KRUS) dropped 13.6% in October, according to data provided by S&P Global Market Intelligence. The company had a quiet month. But Wall Street was reevaluating the opportunity and revising its estimates lower, which hurt investor confidence. And that's why the stock fell for the month.
Kura Sushi is a small restaurant chain of only 47 locations as of its fiscal third quarter of 2023, which ended on May 31. Its revolving sushi conveyor belt provides a differentiated dining experience. And the idea is working. The company's sales during the first three quarters of 2023 were up almost 34% compared to the comparable period of 2022, bolstered by same-store-sales growth.
While things are exciting for Kura Sushi's business, multiple analysts have lowered their price targets for the stock during the last month. Among these analysts is Jeff Bernstein of . On Oct. 23, Bernstein lowered his price target for Kura Sushi stock from $95 per share to $67 per share, according to The Fly.
Source Fool.com
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