Barclays Maintains an 'Equalweight' on International Game Tech (IGT); FY3Q11 Earnings Preview

Barclays maintains an 'Equalweight' on International Game Tech (NYSE: IGT) price target of $18.00.

Barclays analyst says, "We expect IGT's FY3Q11 results to be in line with our estimates and consensus, reflecting a mixed but generally improving regional gaming environment. That being said, we have not changed our view that operators' slot capex budgets remain limited. The focus for IGT's FY3Q11 earnings should continue to be on the pace of recovery in gaming ops yield and the North American replacement cycle. Following favorable developments in Ohio, Illinois, and Canada, we also expect longer-term opportunities to be discussed on the call. Depending on timing of openings, we believe these markets could help drive consensus FY2012 EPS estimates of $1.05 closer to our $1.09 estimate."

"We estimate IGT FY3Q11 revenue, EBITDA and EPS of $485.7mn, $181.1mn, and $0.22, in line with consensus of $487.4mn, $180.2mn, and $0.22."

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 $18.25 yesterday.

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