Sony Share Price Takes A Hit
September 18th 2008 02:46
While the gaming division for Sony has staged a late resurgence, the second largest maker of consumer electronics have been uncerimoniously pants by Gold, Sachs & Co. who have downgraded their investment rating on the stock.
By moving their investment rating from "buy" to "neutral", with the stock price dropping 7.3 percent to 3,320 yen, the lowest close since June 2003.
I'm no investment banker, but the really disturbing number comes from Goldman. Reacting to the news, Sony's share-price estimate was cut 20 percent to 3,700 yen from 4,600 yen.
What effect this will have on the core blu-ray and gaming segments of the business remains to be seen. Let's hope Sony don't get crazy and start thinking about doing something radical like charging for their online service or something...
Thanks to Bloomberg for the article.
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