Sonic Corp. Upgraded to “Outperform” by William Blair (SONC)
Sonic Corp. (NASDAQ:SONC) was upgraded by investment analysts at William Blair from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports.
The analysts wrote, “We recently hosted investor meetings with Sonic’s management team and came away with enhanced conviction in the company’s ability to drive sustainable 15% to 20% EPS growth on low-single-digit same-store sales. While we believe the fiscal first quarter (ended November) is likely on track to meet consensus expectations ($0.13 on an approximate 2.0% to 2.5% comp), we are raising our full-year fiscal 2014 EPS estimate slightly ahead of consensus and our fiscal 2015 estimate even more so as we expect the upcoming rollout of a new POS system and point-of-personalized-service (POPS) menu boards to add greater predictability to comp trends while driving material margin improvement.”
In other Sonic Corp. news, Insider Craig Jeffrey Miller sold 18,497 shares of the stock on the open market in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $19.92, for a total transaction of $368,460.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Wunderlich raised their price target on shares of Sonic Corp. from $19.00 to $22.00 in a research note to investors on Wednesday, October 23rd. They now have a “buy” rating on the stock. Separately, analysts at Piper Jaffray raised their price target on shares of Sonic Corp. from $16.00 to $19.00 in a research note to investors on Tuesday, October 22nd. They now have a “neutral” rating on the stock. Finally, analysts at Stephens downgraded shares of Sonic Corp. to an “equal weight” rating in a research note to investors on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $18.11.
Shares of Sonic Corp. (NASDAQ:SONC) traded up 3.71% during mid-day trading on Wednesday, hitting $20.42. 611,943 shares of the company’s stock traded hands. Sonic Corp. has a 1-year low of $9.71 and a 1-year high of $20.28. The stock has a 50-day moving average of $19.19 and a 200-day moving average of $16.67. The company has a market cap of $1.148 billion and a price-to-earnings ratio of 30.77.
Sonic Corp. (NASDAQ:SONC) last released its earnings data on Monday, October 21st. The company reported $0.30 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.30. The company had revenue of $158.80 million for the quarter, compared to the consensus estimate of $155.78 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts expect that Sonic Corp. will post $0.83 EPS for the current fiscal year.
Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.
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