Piper Jaffray Reiterates Overweight Rating on Sonic

According to Piper Jaffray, Sonic (NASDAQ: SONC) Overweight rating is reiterated.

Piper Jaffray said that it is maintaining its high level of conviction in FY12 estimates following 4Q11 results from Sonic which were largely as expected. “We remain confident in our turnaround thesis and reiterate our Overweight rating and $14 PT on SONC shares.”

Sonic closed yesterday at $7.32.