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Sonic (SONC) Stock Slumps on Q4 Results, Jefferies Price Target Cut

NEW YORK (TheStreet) -- Shares of Sonic (SONC) were retreating 6.8% to $25.58 on heavy trading volume late-afternoon Wednesday as the company issued weaker-than-expected preliminary earnings for the fiscal 2016 fourth-quarter.

After yesterday's closing bell, the Oklahoma City-based drive-in restaurant chain said it forecasts earnings to be between 43 cents and 45 cents per share. Analysts are projecting earnings of 48 cents per share.

As a result, Jefferies reduced Sonic's price target to $28 from $30, but maintained its "hold" rating.

The firm said it's "hard to imagine" softer industry trends...


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