Kura Sushi USA Inc. (KRUS) is Set to Take Off, PT Raised to $48 at Craig-Hallum
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Craig-Hallum analyst Jeremy Hamblin raised the price target on Kura Sushi USA Inc. (NASDAQ: KRUS) to $48.00 (from $40.00) after the company delivered Q3 sales of $18.5M on comps up 455.6%, topping consensus of $15.5M on comps up 379.5%. Restaurant-level margins of 5.8% easily beat expectations for -20.0% as Adj. labor costs (excluding CARES credit) of 36.6% came in well below the 41.0% estimate while food costs of 31.4% also came in lower than the expected 34.0%.
The analyst reiterated a Buy rating, stating "We believe the Kura brand is set to take off within the US to become the dominant sushi chain. We also view commentary on two Q3 brand new markets (Fort Lee, NJ and Bellevue, WA) producing as the 2nd and 3rd best stores in the chain as reflecting demand for the brand and see LT potential store base well above the company’s stated 300 locations."
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