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Forget hacking drama, Sony stock to rise 40%: analyst

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As Sony scrambles to pick up the pieces following an unprecedented cyberattack, one analyst couldn't be more positive on the outlook for the company's stock.

"Sony is my best pick in my entire [stock] coverage," Atul Goyal, senior analyst at Jefferies told CNBC on Tuesday.

There's little doubt Sony's hacking storm will blow over, Goyal said, citing other major companies that have successfully bounced back from crippling cyberattacks.

"In last few years, almost every large company has been a victim of hacking. Be it Apple, Google, Nasdaq, Twitter, Linkedin, Target, Ebay, U.S. Military, Adobe and many more. After the media is done publishing all the news related to the hacks, does the storm blow over?"

Sony Pictures Entertainment, a unit of Tokyo-based Sony, was the target of a devastating cyberattack at the end of November that exposed a trove of internal emails and sensitive employee data.

U.S. officials say North Korea is responsible for the hack, possibly the costliest ever for an American company, which led the studio to cancel the planned release of "The Interview" – a movie featuring the fictional assassination of its leader Kim Jong-un.

Read MoreSony hack reveals a new cold war—are you ready?

Pyongyang, however, has denied that it is to blame and has vowed to hit back against any U.S. retaliation.

Stock outlook

Goyal has a 12-month price target of 3,520 yen for the stock – a 40 plus percent rise from current levels. The stock last traded at 2,470 yen.

His bullish outlook is driven by CFO Kenichiro Yoshida's progress in turning around the company.

"Ever since he has come, the company has been doing all the sensible things that were missing from their repertoire," he said.

Since assuming the role of CFO in April, Yoshida has accelerated the firm's restructuring efforts, shifting its focus away from commoditized consumer electronics gadgets to profitable content including movies, music and games.

The company said it would aim for an operating profit of 400 billion yen ($3.94 billion) in the 2015/16 fiscal year, up from its target of 140 billion for the current 2014/15 year.