Analyst lifts Int'l Game Technology price target

A JPMorgan analyst raised his price target for International Game Technology Tuesday after coming away from recent investor meetings with a good impression of new Chief Executive Patti Hart.

Hart, who took the reins from Chief Executive T.J. Mathews on April 1, and vice president of finance Craig Billings participated in the investor meetings, shedding light on the maker of slot machines and casino management systems' strategy under new leadership.

JPMorgan's Joseph Greff said in a client note that he was impressed with Hart's cost-cutting measures, focus on delivering improved gaming content and ability to diversify IGT's management ranks with people from outside the industry.

IGT slashed its regular quarterly dividend nearly 60 percent in March in order to save about $100 million in cash annually. The company also laid off 500 workers in November and planned to layoff another 200 employees by April to cut costs.

Greff boosted the Reno, Nev.-based company's price target to $17 from $15 after increasing his 2011 earnings per share estimate to $1.13 from $1.07.

Analysts polled by Thomson Reuters predict 2011 profit of $1.08 per share. Analysts' estimates typically exclude one-time items.

IGT's stock added 26 cents, or 1.6 percent, to $16.02 in midday trading. The shares have traded in a range of $6.81 to $31.68 over the past year.