Bernstein has raised its price target for Sony Corp (NYSE:SONY) (TYO:6758) to 4,600 yen from 3,900 yen, maintaining an Outperform rating. The brokerage highlighted Sony’s gaming, music, and semiconductor businesses as key drivers of growth.
Sony’s PlayStation unit exceeded earnings expectations in Q3, with Bernstein stating that market forecasts for the segment were “too low.” Upcoming first-party game releases and the anticipated boost from Take-Two’s GTA VI are expected to fuel further growth, potentially pushing PlayStation’s operating profit beyond 500 billion yen.
Sony’s image sensor business is also poised for steady growth, driven by ongoing upgrades in the global smartphone market, particularly in Apple (NASDAQ:AAPL) iPhones. Meanwhile, Sony Music is seeing strong momentum in streaming, benefiting from price increases and improved monetization. The firm noted that Sony Music outperformed competitors in 2024.
Although Sony Pictures struggled in Q4, Bernstein expects 2025 to mark a turnaround. The anime streaming platform Crunchyroll, acquired in 2021, remains a “hidden gem” and is forecasted to drive profit growth.
Overall, Bernstein projects Sony’s operating income to rise 17% in fiscal 2025, supported by robust margins and positive trends across most business segments.


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