Piper Jaffray Reiterates Overweight on Sonic

Piper Jaffray is out with its report today on Sonic SONC, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We are incrementally confident in our turnaround thesis and, more specifically, in our fiscal 4Q11 same-store sales estimate of +2.0% (at company-owned units). We believe the company's turnaround is on track and continue to have a high level of conviction in the long-term earnings power, which we have defined as $0.80 per share in FY13. While we are maintaining our estimates we believe the company is set to at least meet its guided range of positive same-store sales in the back half of its fiscal year and benefit from increasing consensus estimates. We reiterate our OW rating and $14 PT on SONC shares." Shares of SONC closed Friday at $10.73, down 1.29% from Thursday's close.