Goldman Sachs Maintains Sell on International Game Technology
Goldman Sachs is out with its report today on International Game Technology (NYSE: IGT), maintaining Sell.
In its report, Goldman Sachs writes, "We remain bearish on the gaming equipment companies after last week's G2E tradeshow for four reasons. (1) Competition was already at high levels but it is going even higher. (2) Estimates for IGT for 2012 are too high and imply over 20% EPS growth which the company has not done in nine years. (3) IGT is focusing too much of its resources on internet, mobile gaming and underestimating competition in international markets. (4) Regional revenues remain weak and IGT is very tied to them given its focus on variable fee games."
Goldman Sachs maintains a $14 PT on IGT.
Shares of IGT closed Friday at $15.43, down 0.64% from Thursday's close.
