Sony (NYSE:SNE) hasn’t been immune from the heaving selling that’s driven the overall correction in the U.S. markets over the past two months. While the SNE stock price has fallen from $60 to $51 a share, that 12.7% decline is pretty much in line with the S&P 500 index’s 11.1% drop since Oct. 1

Paring the nine bucks off the share price, though, has only created a value opportunity for investors, in my humble opinion, as the company’s restructuring efforts will likely continue to bear fruit in the coming years.

Sure, it’s true that SNE stock has some issues. To begin with, just look at the awful situation at the smartphone division, with operating losses of more than $800 million in the fiscal year.

Despite this, the company is still not willing to abandon the business. Rather, it is pulling back on the spending so as to get back to profitability.

It’s certainly a dicey strategy. Yet over the next couple of years, that same money-losing smartphone business could get a lift from the introduction of 5G technologies. If SNE gets more creative with its multimedia functions, there could be opportunities to capture more market share. This would certainly be something that could move the needle on the top line and have synergies with other parts of the business.

It should also be a boost to SNE stock that the company has already shown success with reviving other parts of the hardware segment. Just look at headphones. Sony was smart to get out of the low-end of the market and focus on premium models, such as those with noise-canceling functions. The company has also been investing more on the fashion aspects of its devices. The result is that the headphones business has seen a nice turnaround, making headway against entrenched operators like Bose and Apple’s (NASDAQ:AAPL) Beats.

Another driver has been the strong growth of streaming services — such as Spotify (NYSE:SPOT) — that has been a catalyst for ginning up sales of Sony’s premium headphones.

SNE Stock And Gaming

But when it comes to SNE stock, the main driver is the console business. Even though the PlayStation 4 debuted more than five years ago, the platform still generates close to 40% of Sony’s total operating profits, up a sizzling 65% during the latest quarter.

The PS 4 has a massive footprint, with about 86 million units on the market. That reach provides a lucrative method to monetize high-margin software; consider that the wildly popular game “Fortnite” has been a big winner on the platform.

Of course, SNE’s studio business has been key as well. For example, “Marvel’s Spider-Man” has been one of this year’s biggest hits, with 3.3 million copies sold in three days after its launch!

Still, might the console business be vulnerable — such as from the emergence of cloud services? Perhaps. But the fact is that there continues to be latency with streaming, which can provide for bad gaming experiences.

Yet SNE is not remaining idle, either. Keep in mind that the company has been investing in its own cloud platform, called PlayStation Now. It’s a monthly subscription services that offers a library of games (some of which go back to the PlayStation 2). This has been a way to monetize the backlog and experiment with new technologies.

Bottom Line on Sony Stock

SNE stock is definitely at cheap levels right now, with the forward price-to-earnings multiple at 10.8x. By comparison, Microsoft (NASDAQ:MSFT) is at 21x and AAPL trades at 20x. Wall Street is also fairly bullish on Sony stock, with a consensus price target of $79, or about 55% upside from current levels.

So for investors looking for a large tech name that should continue to grow at a nice pace, Sony stock does look like a pretty good choice right now.

Tom Taulli is the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.