Analyst Atul Goyal from Jefferies maintained a Buy rating on Sony and increased the price target to Yen6,050.00 from Yen5,350.00.
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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.