At CES 2016, Sony Corp (ADR) (NYSE:SNE) unleashed a new vinyl record player. Yes, I did say CES 2016 and not CES 1986. This record player, however, is not your traditional record player.
The new turntable from Sony Corp (ADR) (NYSE:SNE) is not only sylish looking, but the PS-HX500 will make your records sound better than they have ever sounded before. On top of this, the device can also record sound from your records and then convert these songs into WAV files that can be streamed or uploaded to other music players.
Undoubtedly audiophiles will love this device, but the question is, “will the mainstream consumer have any reason to buy one?” Probably not. It should also be interesting to see how Wall Street reacts to this announcement as well as several others coming from Sony Corp (ADR) (NYSE:SNE) at CES this year.
The stock decreased 0.04% or $0.01 during the last trading session, hitting $25.46. Approximately 151,150 shares traded hands. SNE shares have declined 16.60% since June 2, 2015 and are currently downtrending. It has underperformed the S&P500 by 11.91%.
From a total of 2 analysts covering Sony Corp (NYSE:SNE) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. Sony Corp was the topic of 3 analyst reports since August 16, 2015 according to the firm StockzIntelligence Inc. Nomura maintained shares on September 4 with a “Buy” rating. JP Morgan maintained SNE stock in a recent report from August 16 with a “Overweight” rating.
Sony Corporation is engaged in the development, design, manufacture, and sale of various kinds of electronic equipment, instruments, and devices for consumer, professional and industrial markets, as well as game consoles and software. The company has a market cap of $31.31 billion. The Company’s divisions include Mobile Communications, Game & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Devices, Pictures, Music, Financial Services and All Other. It has 36.44 P/E ratio. The Company’s manufacturing facilities are located in Asia, including Japan.