Piper Jaffray Raises FY11 Revenue and EPS Estimates on Sonic

Piper Jaffray's FY11 revenue and EPS estimates on Sonic SONC are increasing to $546.8 million and $0.56 per share, respectively, “following better-than-expected 3Q11 results.” “We are incrementally confident in the company's turn-around progress and are encouraged by largely maintained guidance for FY11,” Piper Jaffray writes. “Our FY12 EPS estimate of $0.68 is unchanged and based on a +0.5% same-store sales estimate (unchanged), and represents our expectation for the early stages of a recovery in company earnings.” Sonic closed Wednesday at $10.52.