Deutsche Bank Upgrades Sony Corp. (SNE) to Buy

Deutsche Bank upgraded Sony Corp. (NYSE: SNE) from Hold to Buy with a price target of Yen 2700 (from Yen 1850).

Analyst Yasuo Nakane said, "Reasons for our Buy rating include 1) lower risk of massive losses at existing businesses due to management’s swift actions, 2) a decline in the fixed costs burden can now be clearly seen thanks to restructuring, 3) Sony’s overall sensitivity to the dollar is likely decreasing as component related businesses such as devices are benefitting from yen depreciation while finished products are negatively affected by the weaker yen, and as the reduction in overseas sales firms acts to decrease sensitivity, and 4) the share price now looks cheap in light of profit forecasts."

For an analyst ratings summary and ratings history on Sony Corp. click here. For more ratings news on Sony Corp. click here.

Shares of Sony Corp. closed at $20.26 yesterday.

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