UPDATE: Morgan Stanley Reiterates On Sonic As Top-Line Momentum Continues

In a report published Wednesday, Morgan Stanley analyst John Glass reiterated an Equal-Weight rating on

, and raised the price target from $22.00 to $24.00. In the report, Morgan Stanley noted, “Strong 4Q driven by accelerating 2yr comp trends, with the only mitigating factor higher food costs, which will likely persist into early FY15. An early 1Q15 system ‘glitch' appears to have broken recent comp momentum but impact wasn't qualified. Impact likely short lived. Raising EPS by 2c.” Sonic Corporation closed on Tuesday at $23.57.