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Fly News Breaks for June 13, 2017
SONC
Jun 13, 2017 | 07:05 EDT
BofA/Merrill analyst Gregory Francfort downgraded Sonic (SONC) two notches to Underperform from Buy but raised its price target to $30 from $27. The analyst said the downgrade is not a call on the quarter and sees limited downside to Q3 and Q4 but notes shares are up 29% since March 21. Francfort said he is concerned about 2018 earnings as McDonald's (MCD) becoming more aggressive and believes shares should trade at a discount to peers due to slower unit growth.
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