Barclays Maintains an 'Equalweight' on International Game Tech (IGT); Upside was a Surprise

Barclays maintains an 'Equalweight' on International Game Tech (NYSE: IGT), PT increased from $17 to $18.

Barclays analyst says, "IGT's results represent a sequential improvement across most areas of its business and offered the first positive data point for the gaming equipment industry since competitors pre-announced disappointing results earlier this month. While we believe industry dynamics remain challenging given limited demand from operators and increasing competition, we are encouraged by the growth in slot play, the second consecutive quarter of replacement demand gains, and the company's ability to improve margins year-over-year despite limited top-line growth."

"We are updating our EPS estimates and price target for IGT. Our FY2011 EPS estimate is $0.88, based on EPS estimates of $0.22 for FY3Q11 and $0.23 for FY4Q11. We forecast FY2012 EPS of $1.09."

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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