Stephens analyst Will Slabaugh downgraded Sonic (SONC) to Equal Weight from Overweight, stating that given the premium valuation that Inspire Brands has agreed to pay he does not expect any competing bids. The analyst, who raised his price target on Sonic shares to $43.50 from $40, added that he views Roark's acquisition of the company as "somewhat unique" and does not expect the "floodgates of restaurant M&A to open." His previously published list of potential takeout targets in the restaurant space includes Red Robin (RRGB), Chuy's (CHUY) and BJ's Restaurants (BJRI).