Jefferies upgraded Sony Corp. (NYSE: SNE) from Hold to Buy with a price target of $20.80 (from $17.70).
Analyst Atul Goyal said the bad news (FY3/14 OP forecast cuts) is out. And it seems to have been "priced-in", as Sony returned -16% relative to Nikkei in last 3 months.
"Looking forward, Sony's sale of the PC biz and spin-off of TV are moves in the right direction and can build a perception of real-restructuring," Goyal said. "These combined with weaker ¥/€ benefits lead our FY3/15-16 forecasts higher, resulting in our SoTP at Y2,080 (from Y1,770)."