UPDATE: Brean Murray Carret & Co. Upgrades Scientific Games

According to a research report published this morning, Brean Murray Carret & Co. has upgraded Scientific Games SGMS from Hold to Buy. In the report, Brean Murray Carret & Co. commented, "SGMS reported a solid 1Q, but more importantly, domestic sales trends remain robust driven by impressive results in Illinois. We believe the trends in Illinois could lead to significant incentive fees and earnings upside in the back half of 2012. Additionally, other states such as Pennsylvania may consider outsourcing the management of lotteries to the benefit of SGMS. Given the recent pullback in the shares, solid 1Q results, strong lottery sales trends and upside potential to earnings in 2H12, we are upgrading the shares to a Buy." Brean Murray Carret & Co. maintains its $12 PT on Scientific Games, which closed yesterday at $9.10.
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