In a note issued Wednesday morning, Bank of America analyst Robert Derrington raised the price objective for Sonic Corporation SONC from $26 to $28 and reiterated a Buy rating.
Derrington commented, "We believe Sonic's unique drive-in experience, quality menu offerings and differentiated messaging continues to resonate with consumers and take share from larger QSR peers."
Derrington also noted Sonic posted "impressive results" for the fourth quarter and highlight "stronger than projected" same-store sales in particular.
Looking ahead, Derrington has raised his 2015 and 2016 EPS estimates from $1.00 and $1.17 to $1.01 and $1.18.
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