Sonic Corporation (NASDAQ:SONC) stock was up on Monday following an increase to its price target.
Analysts at Stephens & Co. have increased their price target for Sonic Corporation shares from $26 to $32. SONC stock’s closing price on Friday was $24.91. The new price target represents a roughly 28% increase over the stock’s last closing price.
Stephens & Co. analysts also upgraded the research firm’s rating for Sonic Corporation. SONC now has an “Overweight” rating from the analysts. The research firm’s previous rating for the company was “Equal Weight”.
The current consensus rating for Sonic Corporation is below Stephens & Co.’s. The consensus rating for SONC is a “Hold” and the consensus price target is $27.23. This is based on ratings and price targets from 14 different firms.
Sonic Corporation has also been the subject of positive headlines over the last week. Research firm AlphaOne says that the fast food company has a media sentiment score of 0.17. The firm uses a scale of negative one to one, with one being the best score.
However, AlphaOne notes that this positive press is unlikely to move SONC stock in the near future. It says that the positive press only has a media impact score of 29 out of 100, reports The Cerbat Gem.
Sonic Corporation last released an earnings report late in March. Its earnings per share beat out estimates, but revenue came in below expectations. The company is also paying a dividend of 14 cents per share on May 19, 2017. This dividend will be payable to investors on record as of May 10, 2017.
SONC stock was up 7% as of Monday afternoon.