UPDATE: Morgan Keegan Lowers PT on Sonic to $8.50

Morgan Keegan is out with its report today on Sonic (NASDAQ: SONC), lowering its PT from $10 to $8.50.

In its report, Morgan Keegan writes, "Lowering PT to $8.50 reflecting 15x multiple on our downwardly revised CY12 EPS projection. While further refinements in Sonic's product mix and promotional strategy could improve operating trends, given stiff SSS comparisons, weak consumer spending, and intense competition, reiterate MP-rating."

At the time of posting, shares of SONC were trading pre-market at $6.80, up 0.29% from Monday's close.