UPDATE: Morgan Keegan Lowers PT On Sonic To $10

Morgan Keegan has published a research report on Sonic Corporation (NASDAQ: SONC) and has lowered the price target from $12 to $10.

In the report, Morgan Keegan writes, "Q4 (Aug) system-SSS decelerated through summer as June re-launch of previously successful Hot Dog promotion projected less successful, colliding with slowing economy and industry sales trends. More popular recent new 'Dogs could help. Upcoming refinements to new initiatives like menuboard redesigns, advertising creative messaging/media buying, and menu refinements may ultimately help, though Q1:12 SSS may struggle as comps stiffen 400bps vs. Q4:11."

Morgan Keegan maintains its Market Perform rating on Sonic, which closed yesterday at $8.03.