Piper Jaffray Reiterates Overweight Rating and $14 PT on SONC

A report from Piper Jaffray states that it maintains its Overweight rating and $14 price target on Sonic Corp. (NASDAQ: SONC).

in the report, Piper Jaffray writes, “We reiterate our recovery thesis following Sonic's pre-release of positive company same-store sales trends in 4Q11. While system-wide same-store sales are slightly negative in 4Q, we are encouraged to hear that trends have been positive since mid-August.”

SONC closed yesterday at $7.07.