Bank Of America Comments On Sonic Estimates

According to Bank of America, Sonic Corp SONC reported 3Q (May) EPS of $0.21 (ex debt extinguishment charges) versus the $0.18 estimate that matched consensus. Bank of America said that Systemwide same-store sales came in at up 3.9% below its up 6% expectation with respective company and franchise drive-in comps increasing 6.5% and 3.6%. “We continue to rate SONC shares Underperform but are adjusting our price objective from $9.50 to $10, or 14x-15x our new FY 2012 EPS estimate. Our FY 2011 and FY 2012 EPS estimates increase from $0.56 and $0.66 to $0.58 and $0.69, respectively.” Sonic closed yesterday at $10.52.