Good news for those who’ve put their money behind gaming, as electronics manufacturer Sony (NYSE:SONY) recently released its State of Play report for upcoming PlayStation 5 games. There’s quite a bit coming up, and that’s giving investors reason to cheer. Plus, there’s more than just new games afoot, and Sony is reaping a modest boost to share prices in the closing minutes of Thursday’s trading as a result.
Not surprisingly, plenty of games were shown off at the State of Play event. Some of the biggest new titles like Rise of the Ronin and Stellar Blade are still on track, as well as a pair of games in the Silent Hill line, which may have proved a surprise in their own right. One would be a remake of Silent Hill 2, while another, Silent Hill: The Short Message, is currently available. It got better from there as Sony revealed that the next iteration of virtual reality, PlayStation 2 VR, would be appearing in 2024.
A New Handheld Push
So, we’ve got new games coming, of course, and the augmentation of a familiar VR platform for the latest console release. All of this is great, certainly, but here’s where it gets better. Sony is also at work on a PlayStation-branded handheld release. It’s still some time away—about two years’ worth—but once ready, it will likely be able to not only offer backward compatibility for PlayStation 4 titles but also get a patch for PlayStation 5 releases. That is a lot of value from one handheld device and could win over some new Sony players, maybe even pulling some out of the Microsoft (NASDAQ:MSFT) camp.
Is Sony a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SONY stock based on two Buys assigned in the past three months, as indicated by the graphic below. After a 5.42% rally in its share price over the past year, the average SONY price target of $106 per share implies 7.12% upside potential.
