Zacks Investment Research upgraded shares of Sony Corp. (NYSE:SNE) from a hold rating to a strong-buy rating in a research note released on Wednesday. Zacks Investment Research currently has $38.00 price objective on the stock.
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.”
Other equities research analysts have also issued reports about the stock. Vetr lowered shares of Sony Corp. from a strong-buy rating to a buy rating and set a $31.42 price objective on the stock. in a report on Monday, June 6th. Deutsche Bank AG upgraded shares of Sony Corp. from a hold rating to a buy rating in a report on Wednesday, July 6th. Goldman Sachs Group Inc. restated a buy rating on shares of Sony Corp. in a report on Thursday, June 30th. Jefferies Group restated a buy rating on shares of Sony Corp. in a report on Friday, June 10th. Finally, TheStreet upgraded shares of Sony Corp. from a hold rating to a buy rating in a report on Thursday, August 11th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Sony Corp. has a consensus rating of Buy and an average target price of $37.25.
Sony Corp. (NYSE:SNE) last issued 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. Sony Corp. had a net margin of 1.02% and a return on equity of 2.52%. The business had revenue of $1,613.20 billion for the quarter, compared to analyst estimates of $1,682.98 billion. During the same period last year, the business posted $70.52 earnings per share. The firm’s quarterly revenue was down 10.8% on a year-over-year basis.
A number of large investors have recently modified their holdings of 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 last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of 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 last quarter. J.Safra Asset Management Corp acquired a new stake in shares of Sony Corp. during the second quarter valued at about $127,000. Sei Investments Co. raised its stake in shares of 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 last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Sony Corp. during the second quarter valued at about $144,000. Hedge funds and other institutional investors own 6.60% of the company’s stock.
About Sony Corp.
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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