Buy The Dips In These 2 Top Consumer Electronics Stocks

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The demand for consumer electronics surged last year as the need for connected, high-end devices increased amid the COVID-19 pandemic. However, because investors have been rotating away from expensive tech stocks this year to capitalize on the economic recovery by betting on cyclical stocks, many consumer electronic stocks are currently trading at much lower and more attractive prices.

The consumer electronics market is expected to continue growing in the coming months because many consumers are still upgrading their homes and seeking advanced devices to facilitate their “new normal” living. According to a report by MarketWatch, the consumer electronics and appliances market is expected to grow at a 5.08% CAGR between 2021- 2025.

Because the prospects of the consumer electronics market look promising, we think it could be wise to bet now on the shares of these top players in the space: Sony Group Corporation (SONY) and Panasonic Corporation (PCRFY). These stocks have been recently trading significantly below their 52-week highs.

Sony Group Corporation (SONY)

One of the top players in the electronic equipment space, SONY develops and manufactures a wide range of products. The company, based in Japan, distributes software titles and add-on content through digital networks, home and portable game consoles, mobile phones and tablets, among others.

On May 18, Sony Music Entertainment, a wholly owned subsidiary of SONY, completed the acquisition of 100% of the shares and related holdings of certain subsidiaries of Kobalt Music Group Limited, referred to as AWAL. This acquisition could drive further growth for the company.

SONY’s sales and operating revenue increased 8.9% year-over-year to 8,999.36 billion yen ($82.24 billion) for its fiscal year, ended March 31, 2021. Its operating income grew 14.9% year-over-year to 971.86 billion yen ($8.88 billion), while its net income increased 91.4% year-over-year to 1,191.37 billion yen ($10.89 billion).

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