This Analyst Has Raised Expectaions For Sony - Sees PS5 Growth From New Model
Portfolio Pulse from Anusuya Lahiri
Benchmark analyst Mike Hickey reiterated a Buy rating on Sony Group Corp (NYSE:SONY) with a price target of J¥14500. Sony's Game & Network Services segment saw a 32% increase in Q2 sales YoY, leading to an upward revision of the FY23 sales forecast by ¥190 billion. Adjusted OIBDA for the segment also increased by ¥18.9 billion YoY. A new PS5 model and PS Portal are expected to contribute to a strong year-end performance. Sony's updated FY23 forecast anticipates sales of 12 trillion ¥400 billion and operating income of ¥1.17 trillion. The operating cash flow forecast is ¥1.16 trillion, with a projected Q3 revenue of J¥3.499 trillion. Sony's shares rose by 5.46% to $86.19.
November 10, 2023 | 8:36 pm
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Benchmark analyst Mike Hickey reiterated a Buy rating on Sony with a price target of J¥14500, citing strong performance in the Game & Network Services segment and positive outlook with the introduction of a new PS5 model.
The positive analyst rating and increased sales forecast for Sony's gaming segment, along with the introduction of a new PS5 model, are likely to instill investor confidence and drive short-term stock price appreciation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100