While Solid Sony Results and Promotion of CFO Yoshida Encourage Market, We View Stocks as Overvalued
We raise Sony’s fair value estimate to JPY 5,200 from JPY 4,600 as we consider that Sony’s profit decline will be more moderate than we had anticipated. We lifted the forecast of Game & Network Services as increasing network sales will partly absorb the decline on PlayStation 4 cycle, and lifted the forecast of Home & Network Services as we expect Sony will control expenses and maintain profits of LCD TV. Sony’s operating income is expected to reach a historical high, for the first time ...
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