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Bull of the Day: Sony (SNE)

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The market has been coming strong off the Christmas Eve lows. Leading the way out of the gate, tech stocks have been surging. This has helped several stocks bounce off their 52-week lows. Once the darlings of the market, tech took a mighty tumble into the fall. This restoration of valuations recently could be enough to put tech stocks on center stage again. One such tech stock is today’s Bull of the Day, Sony .

Sony Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets worldwide. The company offers network services related to games, videos, and music contents; and home and portable game consoles, packaged software, and peripheral devices, as well as broadcast/professional, integrated circuit card technology, and medical and imaging device solutions. It also develops, produces, markets, and distributes recorded music; publishes music; and produces and distributes animation titles, game applications based on animation titles, and various services for music and visual products. 

Sony is currently a Zacks Rank #1 (Strong Buy) in the Audio/Video Production industry which ranks in the Top 14% of our Zacks Industry Rank. The reason for the favorable rank lies in the recent earnings estimate revisions to the upside coming from analysts. Current year EPS estimates have rocketed from $4.18 ninety days ago to $4.93. Next year’s number has gone from $4.35 to $4.65 in the last week alone.

Sony Corporation Price and Consensus

Sony Corporation Price and Consensus | Sony Corporation Quote

The stock had a great start last year, topping out over $60 before the market ran out of steam. The retrace under $50 has provided investors with a nice entry point. With estimates still moving to the upside, it could set up Sony for another run back to the 52-highs. That high sits up at $61.02.

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