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.