Sony Group rated Buy with $33.51 target on strong film releases and music growth despite gaming risks.

Sony Group is reaffirmed as a Buy with a $33.51 price target, driven by blockbuster films like Spider-Man: Brand New Day, expected to generate $2 billion in ticket sales. The Pictures segment is set for steady revenue growth, supported by a strong upcoming film lineup. However, the shift to fully digital gaming may face consumer resistance, especially from Gen Z, potentially limiting growth in the Gaming & Network Services segment. Trading at a reasonable 12.81x EV/aEBITDA, Sony offers an attractive entry point despite challenges from the digital transition.