UPDATE: Jefferies Initiates Coverage on Sony With a Buy Rating on Future Growth Prospects in the Insurance and Content Markets

In a report published on Tuesday, Jefferies analyst Atul Goyal initiated coverage on Sony SNE with a Buy rating and a price target of $25.61.

In the report, Jefferies stated, "Refining Sony's classification into i (Insurance), C (Content) and E(Electronics) helps to see the forest from the trees. Electronics accounts for 75% of revenues, but it is the i and C that generate all the profits, while E losses depend on the Yen. If Sony did not have the Electronics business, its aggregate OP for the last 5-10 years would have been nearly double the reported number, by our estimates."

Sony closed on Monday at $20.97.