NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE) are up 2.27% to $16.67 in pre-market trade after CEO Kazuo Hirai apologized to investors after the company forecast a sixth loss in seven years, and he pledged that his restructuring efforts would fuel the electronics maker's long-term growth, Bloomberg reports.
"Sorry that we failed to meet shareholders' expectations," he said in Tokyo at the company's annual meeting. "We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay."
TheStreet Ratings team rates SONY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONY CORP (SNE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."