Sony Says Coronavirus May Hit Profit Outlook, Delay Reporting
Sony Corp (SNE) said the extent of the coronavirus impact could be large enough to erase the entire amount of the upward revision to its annual profit forecast made in February.
The Japanese company also said that the announcement of its financial results, scheduled for April 30, may be delayed. On Feb. 4, Sony had increased its annual profit outlook on the back of strong sales of smartphone image sensors. It raised its annual operating profit forecast by 5% to 880 billion yen.
There is a consensus among the three analysts rating Sony in the last three months to buy the stock, resulting in a Strong Buy rating. The 12-month average price target of $70 would provide investors with a potential gain of 18%. (See Sony stock analysis on TipRanks)In addition, Sony said its factories in China which had been closed, have re-started manufacturing and are returning to normal operation. Factories in the U.K. and Malaysia will remain closed until the middle of April due to government orders. In Japan, Europe and the U.S., Sony has closed most of its offices while employees work from home.
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