Deutsche Bank reiterated a Hold rating on Sony Corp. (NYSE: SNE), forecasting that the company's EPS will increase by an average of at least 20% over the coming three years. Deutsche Bank believes that the growth will be propelled by devices and game & network services (G&NS) segments.

Analyst Hiroshi Taguchi commented, "We forecast that Sony's EPS will increase by an average of at least 20% over the coming three years, with the devices and game & network services (G&NS) segments propelling growth. The share price has overly corrected in our view, and we think there is some upside potential in our TP of ¥3,400. However, we think the company will enter a phase in which it must expand investments - especially in the pictures segment and in new product development. As a result, free cash flow may become more constrained than we had expected in the near term. We think management will thus have difficulty balancing offensive and defensive strategies."

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Shares of Sony Corp. closed at $24.70 yesterday.