Electronics giant Sony (NYSE:SONY) may be out of the running for good in its pursuit of Paramount (NASDAQ:PARA), but Sony’s not letting this slow it down. In fact, it’s made quite a few moves today alone, and in aggregate, investors liked what they saw. Shares were up over 1.5% in the closing minutes of Monday’s trading session.
First, with June firing up and the video game news season about to heat up, Sony made a leak official. Its PlayStation VR2 PC adapter will indeed be coming out starting August 7. The device will cost $59.99 and allow the PlayStation 5 exclusive VR2 headset to work with PCs. It will also provide support for current Steam VR games, including “Half-Life: Alyx.”
However, Sony noted that those looking to use a VR2 on a PC will need a DisplayPort cable and a PC that runs a certain set of minimum specifications. A few “feature differences,” like a lack of adaptive triggers and eye tracking, will also be in play.
The TriStars Go Dark
Meanwhile, movie buffs will be saddened to note that Sony is cutting costs and cutting studios in the process. TriStar Television is out of the picture, and the studio behind “Lucky Hank” and “The Afterparty” will be rolled over into the larger overall television operation. Two jobs were lost as a result of this, with Nicole Norwood, senior vice president of development, and Jennifer Turner, executive vice president, leaving Sony altogether. Shutting down TriStar was part of a larger overall effort at Sony to streamline production and maintain its “boutique labels.”
Is Sony a Buy or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SONY stock based on four Buys. After a 15.05% loss in its share price over the past year, the average SONY price target of $112.93 per share implies 35.1% upside potential.
Questions or Comments about the article? Write to editor@tipranks.com