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UPDATE: Sterne Agee Group Reiterates Buy Rating, Raises PT on Sonic Corporation

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In a report published Friday, Sterne Agee Group reiterated its Buy rating on Sonic Corporation (NASDAQ: SONC), and slightly raised its price target from $11.00 to $12.00.

Sterne Agee noted, “Following our meetings with management, we came away incrementally more positive as the Company outlined several initiatives which have served to increase our confidence in the sustainability of the sales turn. As such, we are raising our target price from $11 to $12 -- which reflects a P/E multiple assumption of 16x our FY14 EPS estimate of $0.76.”

Sonic Corporation closed on Thursday at $10.29.

Latest Ratings for SONC

DateFirmActionFromTo
Jun 2016BarclaysMaintainsUnderweight
Jun 2016Bank of AmericaMaintainsBuy
Jun 2016JefferiesMaintainsHold

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Posted-In: Sterne Agee GroupAnalyst Color Price Target Analyst Ratings

 

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