Piper Jaffray Reiterates Overweight, $11 Target on Sonic

Piper Jaffray maintains its Overweight rating and price target of $11 on Sonic (NASDAQ: SONC) as it maintains a high level of confidence on the company's turnaround thesis.

Piper Jaffray comments, "We remain highly confident in the company's improving operational ability following our recent meeting with Sonic Corp. management. We recognize that results will likely remain choppy on a quarter-to-quarter basis as the company continues to improve its operational capabilities and fine tune its marketing and promotional messages to consumers. That said, we believe the risk/reward scenario remains compelling at current share price levels."

SONC closed at $6.69 per share on Tuesday. S