In a report released today, Nick Setyan from Wedbush downgraded Sonic (NASDAQ: SONC) to Hold, with a price target of $43.50. The company’s shares closed yesterday at $43.23, close to its 52-week high of $44.87.
According to TipRanks.com, Setyan is a 4-star analyst with an average return of 8.5% and a 63.5% success rate. Setyan covers the Services sector, focusing on stocks such as Del Taco Restaurants, Jack In The Box Inc, and Cheesecake Factory.
Sonic has an analyst consensus of Hold, with a price target consensus of $43.50, representing a 0.6% upside. In a report issued on September 26, Barclays also upgraded the stock to Hold.
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Based on Sonic’s latest earnings release for the quarter ending May 31, the company reported a quarterly net profit of $21.58 million. In comparison, last year the company had a net profit of $20.83 million.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock.
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Sonic Corp., through its subsidiaries, engages in the operation and franchising of a chain of drive-in restaurants. It also owns and leases properties to franchisees and other parties. Its product includes specialty drinks, ice cream desserts, made-to-order cheeseburgers, chicken entrees, hand-made onion rings, and tater tots.
