UPDATE: Piper Jaffray Downgrades Sonic Corporation to Neutral; Shares Now Fully Valued

Piper Jaffray reduced its rating on Sonic Corporation SONC from Overweight to Neutral while maintaining its $11 price target on shares. Piper Jaffray said, "We are downgrading shares of SONC today from Overweight to Neutral following a growing and broad-based acceptance of our Sonic recovery thesis during the last several quarters. We remain confident in our turnaround thesis. However, we now view SONC shares as fully valued at current levels (ie the stock is essentially at our $11 price target) and believe sentiment around the company has become decreasingly contrarian--unlike it was when we upgraded the shares." Sonic Corporation closed at $10.50 on Friday.