) were not given a price target by the analyst. Nakane cites four factors for stick with a Buy recommendation. First, the company's management team has demonstrated an ability to respond rapidly to factors contributing to major losses from existing businesses. Second, the company's fixed costs are on a “clear downtrend” as the company continues to restructure. Nakane also notes that the company's component related businesses are benefiting from a weaker yen and that the company's revised profit forecasts implies an “attractive” valuation. “We take a positive view of the Investor Day,” Nakane wrote. “Sony's disclosure for individual businesses is inferior to its industry peers. Although it has hosted factory tours and business briefings in the past, senior managers of individual businesses have not made profit commitments. We think the recent IR days were significant in terms of the degree of change regarding disclosure. Our understanding of the event is that senior managers of individual businesses explained strategies and profit targets themselves, and made commitments before investors and the media.”