Sony Corp. (SNE) PT Raised to $135 at Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz raised the price target on Sony Corp. (NYSE: SNE) to $135.00 (from $100.00) while maintaining an Outperform rating.
The analyst commented, "Sony delivered stronger than expected F3Q20 results and raised its FY20 (ending March 2021) forecasts across major business segments. Reported F3Q20 sales/EPS were ¥2.697T/¥297.35 vs. consensus estimates of ¥2,512T/¥90.96 and OpCo estimates of ¥2.507T/¥50.60. Gaming and Music saw another quarter of substantial momentum. Management raised its FY20 sales forecast again by 4% and operating income by 34%. The strong cash flow from recent activities also led to higher mid-term capex, focusing on investment in content, direct-to-consumer services, and technology. We believe Sony's digital media powerhouse will sustain the growth momentum and benefit from an accelerated shift to digital content consumption. Meanwhile, leaner operating structure at Electronics and a recovering handset market are likely to provide upside to profitability. Reiterate Outperform with new $135 PT."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
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