Game Types
Bonuses
Slots
More
Online Casinos Poker Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Live Dealers
Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions Edit Preferences Search
 
Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW!

Howard Stutz

 

Analyst: Recent IGT proxy fight viewed as "positive" for the company

25 Mar 2013

By Howard Stutz
LAS VEGAS -- One gaming analyst thought International Game Technology’s recently concluded proxy fight was actually a good thing for the gaming industry’s largest slot machine manufacturer.

Wells Fargo Securities gaming analyst Cameron McKnight resumed his coverage of IGT this week with an “outperform” rating following a months-long heated proxy battle over the makeup of the company’s board of directors.

Ader Investment Management, which owns 3 percent of IGT and had been seeking to replace three members of the company’s eight-person board with its own slate of candidates, saw one of its choices win a seat.

“We believe the conclusion of the proxy contest is a positive for IGT, given the management attention it had required,” McKnight told investors. “We don’t expect any material changes in the current management team.”

McKnight said IGT management is now focused on the company’s core businesses, including a continued upside in the interactive gaming market.

He called IGT’s management “disciplined.”

IGT has $600 million left on its share repurchase authorization program. The company expects to use the funds over the next two to four years. McKnight said he expects the stock repurchase activities to be “opportunistic” and support current price levels.

“We believe the risk-reward profile is positive given the company's growing market share, significant free cash flow generation and continued improvements,” McKnight said.

Copyright GamingWire. All rights reserved.

 
About Us | Advertising | Publications | Land Casinos