Why Sony Stock Swooned on Monday
As a non-U.S. company quite dependent on the tastes and sentiments of consumers, Sony (NYSE: SONY) is particularly vulnerable in the current tariff war.That, at least, was the take from an analyst who downgraded his recommendation on the Asian electronics giant on Monday. Judging by their reaction, investors readily agreed, as they sent the company's stock to a nearly 3% loss in price Monday. That fall was steeper than the S&P 500 index's 0.2% slide on the day.Before market open, Wolfe Research's Peter Supino enacted the downgrade. In his view, Sony is now only a peer perform (read: hold), as opposed to the outperform (buy) of previously. As per his company's policy, he did not assign a price target to the stock. Continue reading
As a non-U.S. company quite dependent on the tastes and sentiments of consumers, Sony (NYSE: SONY) is particularly vulnerable in the current tariff war.
That, at least, was the take from an analyst who downgraded his recommendation on the Asian electronics giant on Monday. Judging by their reaction, investors readily agreed, as they sent the company's stock to a nearly 3% loss in price Monday. That fall was steeper than the S&P 500 index's 0.2% slide on the day.
Before market open, Wolfe Research's Peter Supino enacted the downgrade. In his view, Sony is now only a peer perform (read: hold), as opposed to the outperform (buy) of previously. As per his company's policy, he did not assign a price target to the stock.
