Sony today cut their profit outlook by 62 percent, blaming battery recall costs, the Japanese Playstation 3 price cut, and weaker than expected sales of their PSP console. According to a Reuters report, Sony reduced its profit target for the year to 50 billion yen from previous estimates of 130 billion yen. In addition, Sony reduced its PSP shipment target to 9 million units, down 25 percent from previous estimates. While Sony has seen the PSP console fail to meet sales projections, Nintendo has raised their sales target over the same period, making Sony’s assertions that they are holding their own in the market suspect.