Oppenheimer Lowers EPS for Sonic Corp.
Oppenheimer has released a research report this morning, lowering the EPS for Sonic Corp. (NASDAQ: SONC) from $0.56 to $0.54 for 2011, from $0.62 to $0.55 for 2012, and from $0.71 to $0.63 for 2013.
In the report, Oppenheimer writes, “Our 8/17 rating revision to Perform (at stock price of $9.57) reflected the anticipation of choppy comps and our belief that Street EPS expectations for F2012/F2013 appeared too high. While our stance on this dynamic remains unchanged, shares are close to reflecting more realistic earnings assumptions, and we believe the 13% FCF yield could protect further downside.”
Oppenheimer maintains its Perform rating on SONC which, closed yesterday at $6.78.
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