Sony price target lowered to $29 from $34 at TD Cowen

TD Cowen lowered the firm’s price target on Sony (SONY) to $29 from $34 and keeps a Buy rating on the shares. Sony recently raised price on the PS5 from $550 to $650, but the impact will be “pretty minimal” this deep into the console cycle, the analyst tells investors in a research note. TD believes memory prices are likely to be more of an issue for Sony’s image sensor business, saying rising smartphone prices could impact unit volumes.