Sony Group (NYSE:SONY) Stock Rating Lowered by Zacks Investment Research

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Sony Group (NYSE:SONY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, reports. They currently have a $107.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.55% from the company’s current price.

According to Zacks, “Sony reported solid fourth-quarter fiscal 2020 results, wherein both the bottom and the top lines beat the Zacks Consensus Estimate. The company is benefiting from a substantial increase in sales in the Game & Network Services and Financial Services segments. Sony expanded its 360 Reality Audio services and product offerings, adding new video streaming capabilities and content creation tools. It also unveiled the Airpeak aircraft as part of its drone project in artificial intelligence robotics. However, the Pictures segment is seeing a decline in theatrical revenues resulting from theater closures due to the pandemic. Escalating cost of goods sold is a persistent concern. Fluctuations in foreign currency exchange rates are headwinds as it has a strong international presence with majority of revenues coming from emerging markets.”

Separately, TheStreet lowered shares of Sony Group from a “b+” rating to a “c” rating in a research report on Thursday, April 1st.

NYSE:SONY opened at $96.79 on Monday. Sony Group has a 1-year low of $62.02 and a 1-year high of $118.50.

About Sony Group

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets worldwide. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home and portable game consoles, packaged software, and peripheral devices.

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