Sony Climbs After Analysts Raise Price Estimates, Citing Earnings Growth
Sony Corp., the world’s third-largest television maker, rose to the highest in more than six months in Tokyo trading after analysts increased their price estimates for the stock.
Sony climbed 1.5 percent to 3,060 yen as of 9:42 a.m. on the Tokyo Stock Exchange, poised for the highest close since May 13. Japan’s Nikkei 225 Stock Average gained 1.7 percent.
Profit growth in the so-called BRICs markets of Brazil, Russia, India and China, and of devices including semiconductors may drive gains in the stock, Shunsuke Tsuchiya, a Tokyo-based analyst at Credit Suisse Group AG, wrote in a report yesterday. He increased the price estimate by 13 percent to 3,600 yen.
CLSA Asia-Pacific Markets raised its estimate by 17 percent to 4,200 yen. Nikko Cordial Corp. started coverage of the stock on Nov. 30 with an “outperform” rating and price estimate of 3,280 yen.
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