Morgan Joseph Raisies Price Target on International Game Tech (IGT), Raises FY11 Guidance and Beats Q2 Estimates

Morgan Joseph is reiterating its Buy rating on shares of International Game Tech (NYSE: IGT) and is raising its price target from $18 to $20 due to stronger than expected Q2 earnings.

The company reported its Q2 earnings with an EPS of $0.23 and revenue of $492 million. This figures were well ahead of the Street's estimates by $0.04 and $13 million. The firm notes that the beat on the top line was split fairly evenly between the Product Sales and Gaming Ops segments.

IGT raised its FY11 EPS guidance range from $0.79-$0.87 to $0.84-$0.90 and expects that the second half of the year will be similar to the first half.

As a result of the increased guidance and Q2 beat, the firm is raising its FY11 revenue estimate from $1.91 billion to $1.94 billion and its EPS estimate from $0.83 to $0.87. Morgan Joseph is also raising its FY12 revenue and EPS estimates from $2 billion and $0.97 to $2.05 billion and $1.03.

For more ratings news on International Game Tech click here and for the rating history of International Game Tech click here.

Shares of International Game Tech closed at $16.33 yesterday.

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