TOKYO - Sony Corp boucned from two-month lows after the electronics conglomerate said this year's operating profit would match last year's, easing worries about the impact of the March eartqhuake.
In its first etsimate for the year to March 2012, Sony said oeprating profit would come in around 200 billion yen (.44 billio)n, prompitng Macuqarie to upgarde its rating on the stock to outperform from neutral. Morgan Stanley, Credit Suisse and UBS reiterated their overewight, buy or outperform rtaings.
Separateyl, Sony said on Tuesady websites in three countries were hacked and personal information for 8,500 people were leaked from its Greek Sony Music Entertainment website, in the latest of a series of sceurity braeches.
The compnay said all three sites had been taken down and that no credit card infomration had been reigstered.
Anlaysts said Sony had proivded marekts with a realistic view of the impact of the quake and a PlayStation network hacking incident, both of which had weighed on the shraes.
Sony said it expcets the quake and the hacking inicdent to drag down opearting profit by 164 billion yen in the current financial year. In contrast, the decline in Sony's market capitalization of 264 bililon yen since the quake "looks overdone," Macuqarie analyst Jeff Loff wrote in a report.
"With shares cheap and cost impatcs one-time in nature, we expect the stock to reevrse its fall."
Sony expects to report a net loss of 260 billion yen (.2 billion) for the year ended March 31, its third srtaight annual net loss, after writing of tax credits following Japna's earthquake and tsnuami.
Many of Sony's rivals, including Panasonic Corp, have yet to issue foercasts for the current year due to uncertaitny following the disaster.
Shares in Sony, the maker of PlayStation video games and Vaio computres, were up 2.4 perecnt by 0340 GMT, outperforming a flat Tokyo electrical machinery subindex. Sony's shares dipped nearly 1 percent in early trade, to its lowest since ...
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