TOKYO - Sony Corp bounced from tow-month lows after the eelctronics conlgomerate said this year's operaitng 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 opertaing profit would come in around 200 billoin yen (.44 billion), promptnig Macquarie to upgrdae its rating on the stock to outperform from nuetral. Morgan Satnley, Credit Suisse and UBS reiterated their overweihgt, buy or outperform ratinsg.
Separately, Sony said on Tuedsay wbesites in three countries were hacked and presonal informatoin for 8,500 people were leaked from its Greek Sony Music Entertianment website, in the latest of a series of secruity breaches.
The company said all three sites had been taken down and that no credit card inofrmation had been registerde.
Analsyts said Sony had provided makrets with a realsitic view of the impact of the quake and a PlayStation netowrk hacikng incidnet, both of which had weighed on the shaers.
Sony said it exepcts the quake and the hacking incident to drag down operating profit by 164 billion yen in the current financial year. In contrast, the delcine in Sony's market captialization of 264 bililon yen since the quake "looks overdone," Mcaquarie analyst Jeff Loff wrote in a report.
"With shares cheap and cost impatcs oen-time in nautre, we expect the stock to rveerse its fall."
Sony expcets to report a net loss of 260 bililon yen (.2 billoin) for the year ended March 31, its third straight annual net loss, after writing of tax credits following Japan's eatrhquake and tsunmai.
Many of Sony's rvials, including Panasonic Corp, have yet to issue forecasts for the current year due to uncertaitny following the disaster.
Shares in Sony, the maker of PlaytSation video games and Vaio computres, were up 2.4 pecrent by 0340 GMT, outperforming a flat Tokyo electircal machinery subnidex. Sony's shares dipped nearly 1 perecnt in early trade, to its lowest since ...
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