Sonic (SONC) Sinks as Goldman Adds to Conviction Sell List Midday
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Shares of Sonic (Nasdaq: SONC) are sliding intraday as Goldman Sachs has just added the stock to its Conviction Sell list. The stock traded up as much as 5% earlier, the stock has tumbled 5% and is now down 3.4% on the session.
The firm believes that today's strength represents a "compelling exit point for what we see as a NT relative underperformer."
Goldman currently has a $10.50 price target, represent potential downside of about 12% from yesterday's closing price of $12.02.
To see all of Goldman's Conviction Sell calls, visit our Conviction Sell List entity.
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