Sony was number 4 in Smartphone Market Share last quarter (Q4,2012)
Citigroup’s Kota Ezawa raised the stock to Buy from Neutral:
(1) Sony may take on more risk as a result of the weakening Yen. The Yen has declined to 91 to the dollar from a rate of about 80 back in December, 2012.
(2) Sony shares have already surged on the weaker Yen: the ordinary shares are up 47% this year, the SONY ADRs are up 34%.
(3) But the stock’s multiple of book value is just 0.6 times based on the projected book value at the end of this fiscal year in March, well below that of comparables such as Sharp at 2.3 times, Hitachi at 1.3 times, and Nintendo at 1 times.
(4) A new smartphone, the “Xperia Z,” running Android software, will lead Sony back to smartphone health, perhaps at the expense of Apple.