Sony shares rose yesterday by their highest margin for a year as the company made its most positive announcements in months.
Shipment announcements boosted the firm’s share price by 6.5%, its biggest jump for a year. Sony chief Howard Stringer also reiterated the company’s pledge to increase profit margins from 3.9% to 5%. Speaking at CES he said, “I made a promise. I have to find a way to get there. I have some ideas where I can find the money".
Analyst’s were in a positive mood. Goldman, Sachs added a ‘buy’ rating to Sony saying it is currently underpriced. Hiroshi Chano at Yasuda Asset Management in Tokyo said, “Sony virtually had only bad news last year, so the CEO's comment and the rating change spurred a rally today.” Evan Wilson at Pacific Crest Securities added, “It appears everything is on track from a supply perspective. Now, all we have to figure out is if the demand will live up to the supply".
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