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

In a report published Friday, Sterne Agee Group reiterated its Buy rating on Sonic Corporation

, 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.