PlayStation 3 manufacturer Sony received a welcome boost today, after an HSBC analyst upgraded its shares from "neutral" to "overweight," reports the Bloomberg news service.
The company's stock closed up 4.1 percent on the Tokyo Stock Exchange at 6,940 yen (approximately $57), its highest price since June 12, 2002. The five-year high followed a report at the end of trading on May 18 by HSBC Securities' Carlos Dimas, who raised the investment rating of the company, citing higher profitability and stronger earnings in the LCD TV business.
Last week, Sony announced that its game division had made a $914 million loss for the first quarter of 2007, primarily due to production of the PlayStation 3 at "strategic price points." Bloomberg reports that the company's predicted net income would double in the fiscal year ending March 2008.
Other analysts, including Mizuho Investors Securities' Mitsuhiro Osawa, have also raised their assessments of the company during the past week.
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