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Fly News Breaks for April 24, 2017
SONC
Apr 24, 2017 | 09:32 EDT
As previously reported, Stephens analyst Will Slabaugh upgraded Sonic to Overweight from Equal Weight as he believes it now presents an attractive buying opportunity on what he sees as a same-store sales inflection point in Q3, with comps likely turning positive intra-quarter, an underlying valuation that is over 20% below peers with a similar franchise percentage, and lowered expectations from recent sales softness providing for a favorable risk/ reward. The analyst also raised his price target on the shares to $32 from $26.
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