Piper Jaffray Upgrades Sonic From Underweight To Overweight (SONC)
Piper Jaffray upgraded shares of Sonic Corp. (NASDAQ: SONC) today from Underweight to Overweight. This upgrade should get you attention, because it suggests a major shift in analyst sentiment, as the rating change completely leapfrogged Marketweight or Neutral. The analyst, Nicole Miller Regan, said that the company's sales at restaurants open at least a year will improve during the latter half of the year.
Regan also raised her price target on SONC from $8 to $12. In today's trading, the stock has climbed 4.96% to $11.01. Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The company currently has a market cap of $673.19 million.
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