Sony Corp. (SNE) Upgraded at Zacks Investment Research
Sony Corp. (NYSE:SNE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm currently has a $38.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.53% from the stock’s current price.
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.”
Several other analysts also recently weighed in on the stock. Vetr raised shares of Sony Corp. from a “sell” rating to a “buy” rating and set a $35.49 target price on the stock in a research report on Tuesday, September 6th. TheStreet upgraded shares of Sony Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, August 11th. Deutsche Bank AG upgraded shares of Sony Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, July 6th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Sony Corp. in a research note on Thursday, June 30th. Finally, Jefferies Group restated a “buy” rating on shares of Sony Corp. in a research note on Friday, June 10th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $37.25.
Sony Corp. (NYSE:SNE) opened at 33.47 on Wednesday. The stock has a market cap of $42.22 billion, a PE ratio of 50.56 and a beta of 1.85. The firm has a 50 day moving average of $32.85 and a 200-day moving average of $29.00. Sony Corp. has a 52-week low of $19.90 and a 52-week high of $34.17.
Sony Corp. (NYSE:SNE) last issued its quarterly earnings data on Friday, July 29th. The company reported $16.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $16.72. Sony Corp. had a net margin of 1.02% and a return on equity of 2.52%. The firm had revenue of $1,613.20 billion for the quarter, compared to the consensus estimate of $1,682.98 billion. During the same quarter in the previous year, the firm earned $70.52 EPS. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. Equities analysts anticipate that Sony Corp. will post $0.63 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the company. Primecap Management Co. CA raised its stake in shares of Sony Corp. by 3.2% in the first quarter. Primecap Management Co. CA now owns 46,230,550 shares of the company’s stock valued at $1,189,050,000 after buying an additional 1,428,700 shares during the last quarter. FMR LLC raised its stake in shares of Sony Corp. by 41.4% in the second quarter. FMR LLC now owns 2,359,170 shares of the company’s stock worth $69,242,000 after buying an additional 690,870 shares in the last quarter. Marketfield Asset Management LLC purchased a new stake in shares of Sony Corp. during the second quarter worth about $13,315,000. Chartwell Investment Partners LLC purchased a new stake in shares of Sony Corp. during the second quarter worth about $12,420,000. Finally, Conatus Capital Management LP purchased a new stake in shares of Sony Corp. during the second quarter worth about $10,381,000. 6.60% of the stock is owned by institutional investors.
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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