Morgan Stanley Reports International Gaming Technology FY1Q Miss Disappointing

In a research report released today, Morgan Stanley said International Gaming Technology's IGT F1Q revenue and EPS results were significantly below consensus estimates. According to Morgan Stanley, “EPS of $0.17 missed our estimate by $0.04 and consensus by $0.05. It is important to note that the opaque “non-box” product sales segment drove $0.03 of the EPS miss, indicating that core operating results, while still light, were relatively resilient. That said, we expect the stock to react negatively to the release and potentially test recent lows in the $14 range.” International Gaming Technology is currently trading at $15.95.