Sony Corp. (NYSE:SNE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $38.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 13.53% from the stock’s previous close.
According to Zacks, “Over the past few quarters, strong sales of PS4 hardware and software units, have acted as primary growth drivers for Sony. In order to capitalize on the PS4 prospects, Sony has launched a series of products that have already attracted a lot of attention. Also, diligent restructuring activities and cost-reduction initiatives undertaken by the company are expected to bolster growth. In addition, Sony’s recent acquisitions – including Ministry of Sound Recordings Ltd., eSATURNUS NV and the planned TEN Sports Network buy – are expected to drive significant inorganic growth. Sony has also undertaken a number of measures in its Branded Product Business to improve growth prospects. However, the negative effect of Kumamoto earthquakes, weakness across multiple businesses and currency fluctuations remain as major headwinds, thwarting the growth momentum.”
A number of other analysts have also recently commented on SNE. Vetr upgraded Sony Corp. from a “buy” rating to a “strong-buy” rating and set a $31.42 price objective for the company in a research report on Tuesday, May 31st. BNP Paribas raised Sony Corp. from a “reduce” rating to a “hold” rating in a research report on Tuesday, June 7th. Jefferies Group reissued a “buy” rating on shares of Sony Corp. in a research report on Friday, June 10th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Sony Corp. in a research report on Thursday, June 30th. Finally, Deutsche Bank AG raised Sony Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, July 6th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $37.25.
Shares of Sony Corp. (NYSE:SNE) opened at 33.47 on Wednesday. The stock has a market cap of $42.22 billion, a price-to-earnings ratio of 50.56 and a beta of 1.85. Sony Corp. has a one year low of $19.90 and a one year high of $34.17. The company has a 50 day moving average of $32.85 and a 200-day moving average of $29.00.
Sony Corp. (NYSE:SNE) last posted its quarterly earnings data on Friday, July 29th. The company reported $16.44 EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $16.72. The firm earned $1,613.20 billion during the quarter, compared to analysts’ expectations of $1,682.98 billion. Sony Corp. had a return on equity of 2.52% and a net margin of 1.02%. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $70.52 EPS. On average, analysts anticipate that Sony Corp. will post $0.63 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of Sony Corp. by 51.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,413 shares of the company’s stock valued at $100,000 after buying an additional 1,159 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in Sony Corp. by 5.0% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,090 shares of the company’s stock valued at $105,000 after buying an additional 196 shares during the period. J.Safra Asset Management Corp purchased a new stake in Sony Corp. during the second quarter valued at approximately $127,000. Sei Investments Co. boosted its stake in Sony Corp. by 133.3% in the second quarter. Sei Investments Co. now owns 4,596 shares of the company’s stock valued at $135,000 after buying an additional 2,626 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Sony Corp. during the second quarter valued at approximately $144,000. Institutional investors and hedge funds own 6.60% of the company’s stock.
Sony Corp. Company Profile
Sony Corporation (Sony) is engaged in the development, design, manufacture and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets, as well as game consoles and software. The Company’s segments include Mobile Communications, Game & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Devices, Pictures, Music, Financial Services and All Other.
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