Market Overview

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

Share:
Related SONC
15 Biggest Mid-Day Losers For Friday
Benzinga's Top Downgrades
Cowen forecasts a fall in ground beef prices (Seeking Alpha)

Piper Jaffray reduced its rating on Sonic Corporation (NASDAQ: SONC) from Overweight to Neutral and maintained its $11 price target.

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.

Latest Ratings for SONC

DateFirmActionFromTo
Dec 2016Longbow ResearchDowngradesBuyNeutral
Oct 2016Telsey Advisory GroupDowngradesOutperformMarket Perform
Sep 2016JefferiesMaintainsHold

View More Analyst Ratings for SONC
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (SONC)

View Comments and Join the Discussion!