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Merrill Cuts Sony Outlook


Merrill Lynch downgraded Sony (SNE) to near-term neutral from accumulate and long-term accumlate.

Analyst Hitoshi Kuriyama says results came as a negative surprise, and can be attributed to a substantially larger than expected slowdown in demand for electronic products. He says he'll have to significantly reduce operating profit estimate; and thinks fair share value should be recalculated after an adjustment of forecasts. He sees high probability of a near-term downside risk.


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