April 21 (Bloomberg) -- Sony Corp., the world’s second- largest maker of consumer electronics, fell the most in four trading days in Tokyo after Citigroup Inc. cut its rating following the stock’s 60 percent gain in six weeks. Sony declined 4.1 percent to close at 2,545 yen on the Tokyo Stock Exchange, the largest drop since April 15. Japan’s Nikkei 225 Stock Average slid 2.4 percent. Kota Ezawa, a Tokyo-based analyst with Citi, lowered his rating to “hold” from “buy.” The global recession means it will take time for investors to see “a real earnings recovery” at Tokyo-based Sony, Ezawa said. “Near-term expectations have been priced in,” Ezawa said in a report dated yesterday. “Earnings improvement will take some time and expect the shares to be range bound over the immediate future.” Sony will report earnings for the year ended March 31 on May 14 and will present its outlook for the current year. For the year just ended, the company forecasts a record 260 billion yen ($2.65 billion) operating loss, or sales minus the cost of goods sold and administrative expenses. Ezawa also raised his share-price estimate by 23 percent to 2,700 yen. http://www.bloomberg.com/apps/news?pid=20601080&sid=a.HbRHaXqIBE&refer=asia ----------------------------------------------------------------------------------------------------- Wander if any division of Sony is going to bring in the profit.
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