International Game Technology's central server efforts and software focus has put the company in a position to achieve more earnings growth, a Goldman Sachs analyst said Thursday.
Steven Kent said former Chief Executive T.J. Mathews concentration on software instead of box sales and central server emphasis has helped Reno, Nev.-based IGT reach several milestones since Patti Hart took over the helm 10 weeks ago.
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"We expect Ms. Hart's focus to be on rationalizing these previously started programs and determining what is working and what is not," Kent wrote in a client note.
He predicts new initiatives will concentrate even more on cost control efforts and product development progress while getting rid of under- performing products and platforms.
Kent reaffirmed the slot machine and casino management systems maker's $20 price target and "Buy" rating.
Shares of IGT added 44 cents, or 2.7 percent, to $16.73 in morning trading. Over the past year, the stock has traded in a range of $6.81 to $33.26.
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