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Fly News Breaks for June 24, 2016
SONC
Jun 24, 2016 | 07:47 EDT
Oppenheimer analyst Brian Bittner says Sonic's Q3 results suggest that industry trends remain "weak." However, despite near-term softness in sales trends, the analyst believes the company's EPS growth algorithm appears intact this year and over the longer term. Bitter also notes that outside of fundamentals, cash return to shareholders is "impressive" and should accelerate as the company re-franchises to 95%. He reiterates an Outperform rating and $40 price target on the shares.
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