UPDATE: Piper Jaffray Upgrades Sonic

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Nicole Miller Regan of Piper Jaffray on Tuesday upgraded shares of

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Sonic Corporation

(NASDAQ: SONC) to Overweight from Neutral with a price target raised to $38 from a previous $28.According to the analyst, the fast-food chain will benefit from product innovation, strong marketing and technology investments that will increase frequency of consumer visits. Miller Regan adds that Sonic will also benefit over the longer-term due to a re-acceleration of new unit growth.Shares traded recently at $31.78, up 3.5 percent.