Concerns that clouds were forming over International Game Technology (IGT) caused Janney Capital Markets gaming analyst Brian McGill to reduce his rating on the company from “buy” to “hold.”
McGill said he felt there were risks to game sales and the potential for higher costs that would make the company’s outlook more challenging than it was a year ago when the company’s share price was much lower.
His comments caused an immediate reaction in the marketplace with IGT shares falling $1.39 or 6.9 percent to $18.78 per share.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].