Analyst Atul Goyal from Jefferies maintained a Buy rating on Sony and increased the price target to Yen6,050.00 from Yen5,350.00.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Atul Goyal has given his Buy rating due to a combination of factors including Sony’s strong second-quarter performance and its upward revision of the full-year forecast. The company reported an operating profit of ¥429 billion, which is a 10% increase year-over-year and significantly above the consensus estimate of approximately ¥400 billion. This performance was driven by robust results in the Music and Imaging & Sensing Solutions segments.
Additionally, Sony achieved record adjusted operating profits in its Games, Music, and Sensors divisions. Despite a non-cash impairment in the Games segment, the underlying profit remained strong. The company has also announced a new ¥100 billion share buyback, reflecting confidence in its future prospects. Consequently, the price target has been raised to ¥6,050, indicating a potential upside of over 40%.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a Yen4,600.00 price target.