teven Kent said former Chief Executive T.J. Mathews concentration on software instead of box sales and central server emphasis has helped Reno, Nevada-based IGT reach several milestones since Patti Hart took over the helm 10 weeks ago.
"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 inititiaves will concentrate even more on cost control efforts and product development progress while getting rid of underperforming products and platforms.
Kent reaffirmed the slot machine and casino management systems maker's us$ 20 price target and "Buy" rating. Shares of IGT added 44 cents, or 2.7 %, to us$ 16.73 in morning trading. Over the past year, the stock has traded in a range of us$ 6.81 to us$ 33.26.