Credit Suisse: believes market was mostly unsurprised by the announcement and sees impact on stock price will be limited; additionally sees extra costs due to delay as limited at this point and expects limited impact on FY earnings (net income)
Daiwa Securities: Analyst believes negative news was to some extent factored into share price
Deutsche Bank: maintained at "buy" w/ target at 5,900 yen ($50.91); Positive takeaway is Sony reaffirming its commitment to launch PS3 in Japan and US as announced earlier; Impact on Sony shares limited aside from immediate fall due to individual investor reaction
DFC Intelligence: "When Sony makes forecasts, I automatically downgrade them. But I was expecting them to get out in Europe this year."
Dresdner Kleinwort Wasserstein - Tokyo: "This seems to be the continuation of a series of bad news. People were prepared to wait for the PS3, but delaying its European launch so they miss the Christmas season is just so not good."
Henderson Global Investors - Tokyo: "It's like starting a race and Microsoft and Nintendo have already completed one lap and Sony hasn't even started. Sony has underestimated how difficult it is to produce Blu-ray."
Janco Partners: "I think it raises concerns that maybe Europe is the first and possibly not the last to fold in its launch plans."
KBC Financial Products - London: High priced PS3 compared to rivals' consoles 'will be a major drag on profit growth'; Sony 'may be forced to give away free games with consoles to entice buyers.'
Merrill Lynch: maintained at "sell" and target at 4,700 yen ($40.56) -- ML analyst believes speculation over problems with the PS3 launch since late August means yesterday's confirmed delay in Europe and tight supply could be factored in share price
Mizuho Securities: maintained at "3"; "This move will put Sony further behind its competitors, at a time when people's expectations towards the console was already cooling down because of the high pricing. Sony risks selling fewer consoles as a result."
Morgan Stanley: "Its plan to ship 6 million units by the end of this business year is kept unchanged. Therefore, we expect the earnings impact to be minor."
Nikko-Citi: maintained at "neutral" -- assumes sales of 5 million PS3 consoles vs Sony's target of 6 million (by March)
Nomura Securities: maintained at "3" -- Nomura analyst says yesterday's announcement "not the worst case scenario"; Helping the situation is Sony standing behind its target of six million units shipped by March '07; However, "The news is negative. Even without the technological problems, the issues regarding the console's midterm profitability remain."
Shinko Securities: downgraded to "3" from "1"; Believes announcement of PS3 delay and tight supply will negatively impact Sony's financials over mid-term
UBS: Analyst expects Sony to lose some market share to Microsoft (MSFT) and Nintendo (OTC:NTDOY)
Wedbush Morgan: "Sony didn't have their ducks in a row this time. It hurts their image with investors and consumers. I think Euorpean (sic) consumers will be rightfully angry. Those sales that they lose to Microsoft and Nintendo this season could be consumers that are lost forever."
Sony's ordinary shares (Tokyo: 6758) lost 1.58% today to close at 4,970 yen ($42.86). Its ADRs closed yesterday at $42.84 losing 2.35%.
Since a Mitsubishi UFJ Securities analyst downgraded Sony on August 23rd (see link below) warning of significantly lower estimated PS3 shipments, Sony's ordinary shares have lost 5.3% and its ADRs have lost 4.8%.
Sources: Bloomberg.com, IHT.com, Newratings.com, Nikkei Shimbun, Reuters.com, San Jose Mercury News a+e Interactive, Yahoo! Finance Japan
Related posts: Analysts' Comments Move Nintendo and Sony in Opposite Directions (Aug. 24), Sony Downgraded by Mitsubishi UFJ Re. PS3 Launch (Aug. 23)
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