Sony's PlayStation 4 Plans Attributed to Huge Stock Increase
Sony's rating has increased from "neutral" to "buy" today, prompting their stocks to rise by 11 percent.
Sony's been having a lot of problems in recent years, posting losses instead of profits due to the competition its TV division faces from the likes of Samsung, LG, and other brands.
Things are looking up for Sony however, as its stock soared by 11 percent after Daiwa Securities, Japan's second largest brokerage raised Sony's rating to 'buy' from 'neutral', where it had been languishing. The brokerage stated that the company could turn profitable in fiscal year 2014, which begins this October (via Reuters).
The rating increase is widely attributed to Sony's plan to launch the PlayStation 4 at the end of 2013. Likewise, the company's newly launched Xperia Z smartphone has been the top-selling model in Japan for four straight weeks since its release.
The PlayStation 4 was announced last month with a proposed release date of "Holiday 2013". Short of revealing everything, the company did not provide a price or even show what the system would look like. It did however offer system specs, social functions, a new controller, and half a dozen games planned for the system, including a new titles from Media Molecule and Ubisoft. The new system is expected to replace the PlayStation 3 in every respect, although it will not offer backwards compatibility to existing games.
Further details about the PlayStation 4 can be found here.