A solid Christmas has analysts praising Sony Corp (ADR) (NYSE:SNE) chairman Kazuo Hirai and investors piling into Sony stock.

Best of all, if the company can maintain its current momentum, the shares are dirt cheap.

After delivering $2.14 per share of earnings during the quarter, Hirai has now delivered two full years of profits which undergird an 11-cent per share dividend, and most analysts are now putting Sony on their buy lists.

Sony stock’s reversal of fortune looks like it is here to stay, as our Josh Enomoto wrote recently, and Sony has the potential to increase earnings further. It has also become a safe stock, according to Louis Navellier, because of its broad interests in both technology and content.

With a dominant share of the video game console market and the second-largest share of the movie business, Sony is finally flying high.

Big Potential for SNE Stock

What gives analysts the most hope for Sony stock, beyond the last few quarters’ results, is that it can potentially do even better.

Many consumers have forgotten that Sony was once a power in mobile phones. But its latest models, being introduced this week at the Mobile World Congress in Barcelona, indicate the magic may be back.

The new Xperia X72 is getting good reviews, using Corning Incorporated (NYSE:GLW) Gorilla Glass, and has HD playback quality equal to its Bravia TVs. The new phone also has a “rumble” feature adapted from its game machines that causes it to shake during game play and movie playback.

The Sony Playstation 4 is now five years old, meaning speculation has begun on what the Playstation 5 might look like when it arrives in two years.  The console’s continuing success means the company doesn’t have to rush the replacement, either, with Playstation 4 expected to eventually sell 100 million units.

By combining the machines with Playstation Plus services, at about $5 per month, Sony also gets continuing content revenue and a channel through which it can sell additional content.

The synergies dreamt of by the late founder Akio Morita, who died back in 1999, may finally be coming to pass. Morita foresaw consumer products combining with content into services to give his company control over customers and continuing revenue. Hirai is now making that happen.

Rising Confidence

Confidence in its core businesses is finally allowing Sony to look beyond them, with a move to compete against Uber in ride-hailing in its home market and robotics.

Sony was an early leader in home robots, and in the past, this always seemed like the punch line to a joke. But technology is finally catching up, so it can put artificial intelligence in its robotic dogs and launch Koov, a robotic learning system for students.

The only bad news to hit the company lately is word that Doug Morris, who has turned around its music division since joining the company in 2011, is leaving for a new label, 12 Tone, that will have a joint venture with Apple Inc. (NASDAQ:AAPL). Could Morris be the man who finally links Sony and Apple? Stay tuned.

The Bottom Line on Sony Stock

Sony’s consumer electronics lines are suddenly interesting, its movie and TV business is profitable, and the future is suddenly here for businesses that once seemed bleeding edge. Sony is starting to look like a growth company again.

Best of all, if SNE can deliver the last quarter’s $2.14 per share of earnings on a regular basis, or anything like it, Sony stock is dirt cheap at its current price. And there are very few companies you can say that about.

Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romance, The Reluctant Detective Travels in Time, available now at the Amazon Kindle store. Write him at danablankenhorn@gmail.com or follow him on Twitter at @danablankenhorn. As of this writing, he owned no shares in companies mentioned in this article.