2023-11-02 16:46:06 ET
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 Barclays . On Oct. 23, Bernstein lowered his price target for Kura Sushi stock from $95 per share to $67 per share, according to The Fly.
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Why Kura Sushi Stock Dropped Almost 14% Last Month