Canaccord Genuity Downgrades Sonic Corporation to Hold with Price Target $24

Brokerage firm Canaccord Genuity Downgrades its rating on Sonic Corporation(SONC). As per the latest information, Canaccord Genuity Lowers the price target to $24 per share from a prior target of $30. The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by the stock financial advisor at Canaccord Genuity was issued on Mar 20, 2017 in a research report to their Investors and Clients.

Sonic Corporation (SONC) made into the market gainers list on Wednesdays trading session with the shares advancing 0.09% or 0.02 points. Due to strong positive momentum, the stock ended at $22.72, which is also near the day’s high of $22.875. The stock began the session at $22.69 and the volume stood at 11,48,590 shares. The 52-week high of the shares is $36.34 and the 52 week low is $21.12. The company has a current market capitalization of $998 M and it has 4,39,34,660 shares in outstanding.

Sonic Corporation(SONC) last announced its earnings results on Oct 24, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $162.12M. Analysts had an estimated revenue of $172.16M. Earnings per share were $0.45. The reported EPS was above estimates by $0.03 or NaN%. Analysts had estimated an EPS of $0.48.

Several Insider Transactions has been reported to the SEC. On Jan 12, 2017, Frank E Iii Richardson (director) sold 4,685 shares at $27.57 per share price.Also, On Jan 12, 2017, Harold A Ceron (Senior VP of subsidiary) sold 3,112 shares at $27.02 per share price.On Jun 1, 2016, Craig Jeffrey Miller (Former Officer of Subsidiary) sold 25,394 shares at $30.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers Coneys and Hot Dogs Chicken Breakfast Snacks and Sides Drinks Ice Cream and Wacky Pack. The Company’s products include SONIC Cheeseburger SuperSONIC Double Cheeseburger Chili Cheese Coney Chicago Dog Garlic Parmesan Boneless Wings Buffalo Boneless Wings BREAKFAST TOASTER SuperSONIC Breakfast Burrito Natural-Cut Fries Onion Rings Minute Maid Cranberry Juice Slush DR PEPPER SONIC Energy Zero Calorie OREO & Cake Shake Banana Split Master Blast and Waffle Cone Sundae with Chocolate & Reeses Cups among others. The Company offers Wacky Pack for kids. The Company also offers SONIC Wacky application which is available on Google Play and iTunes App Store.

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