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Investing.com - Benchmark raised its price target on Sony Corp. (TYO:6758:JP) (NYSE:SONY) to JPY4,500.00 from JPY4,000.00 on Monday, while maintaining a Buy rating on the stock.
The price target increase follows Sony’s Game & Network Services segment delivering record quarterly operating income and strong user engagement metrics at the start of fiscal year 2025.
First-quarter sales in the gaming division rose 8% year-over-year to ¥936.5 billion, primarily driven by higher third-party software sales, despite foreign exchange headwinds.
Operating income in the segment surged approximately 2.3 times year-over-year to ¥148 billion, setting a new quarterly record due to increased third-party software sales, higher network service revenue, and cost discipline.
Monthly active users reached 123 million in June, up 6% year-over-year, with PlayStation 5 user numbers tracking 32% higher than PlayStation 4 at the same point in its lifecycle, while hardware shipments totaled 2.5 million units versus 2.4 million in the prior year.
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