While much of our attention lately has been focused on Sony’s (NYSE:SONY) attempts to buy at least some portion of Paramount (NASDAQ:PARA), the electronics company is also working on its own projects. Some of the latest have emerged, including some new mobile gaming thrusts as well as some new properties in movies that should catch quite a bit of attention. Investors, meanwhile, are skeptical and have sent Sony shares down fractionally in Wednesday afternoon’s trading.
First, we have word about a new position at PlayStation Global called “Mobile Platform Architect.” The position will focus on “…developing, publishing and operating free-to-play mobile games,” which implies that PlayStation will be looking to branch out into the mobile gaming market.
But the Architect here won’t just be a code monkey, oh no; the Architect here will add “…technical leadership and guidance,” along with setting up “…pipelines and processes to facilitate the delivery of high-quality software.” This sounds less like a programmer slot and more like someone who’s going to be in charge of an entire department.
Sony Goes to the Movies
That by itself was a big step, especially with the summer gaming show season about to kick off in a couple of weeks. But Sony is also preparing some noteworthy movies. First, some may have heard that the firm was pushing back “Kraven the Hunter” to December, thus missing not only the summer movie season but the Halloween movie rush as well. However, it will be out near Christmas, when fans can go for repeat viewings, assuming the weather holds.
Meanwhile, Sony is hard at work on a movie with Shigeru Miyamoto, working on an adaptation of “The Legend of Zelda.” That’s sure to draw a lot of fans’ attention, but it’s also a huge potential misfire if anything goes wrong.
Is SONY a Buy or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SONY stock based on four Buys assigned in the past three months, as indicated by the graphic below. After a 14.33% loss in its share price over the past year, the average SONY price target of $112.93 per share implies 38.84% upside potential.
