Kura Sushi initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Kura Sushi (KRUS) with a Hold rating and $72 price target The firm is “encouraged” by Kura’s positioning as the leader in a “compelling category with a clear moat,” and sees several upcoming sales drivers to help improve traffic. However, TD balances this with its analysis that suggests Kura’s new store economics are seeing pressure and a cannibalization impact to same store sales that is likely to remain elevated.