Sony: Sell Rating ReiteratedZacks Investmentupdated Nov 11, 2008TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.We believe Sony Corporation (SNE) will continue to struggle as it faces competition from other innovative digital products and increasing competition from low-cost Asian manufacturers as the consumer market slows.The company's Q2 results were disappointing, and SNE trimmed its forecast for the remainder of 2008 with lower operating income due to sluggish sales in the electronics and the games segments. Deterioration in the Japanese stock market, a weak global economy, an intensifying price competition, and a strong yen are to blame.We therefore maintain a Sell recommendation on Sony shares and cut our six-month price target to $21.00. This reflects a P/E multiple of approximately 14.7x our estimated fiscal 2008 EPADR of $1.43, which we believe is a reasonable valuation for a company in Sony's position.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.