Rochester, NY 7/28/2009 11:05:42 PM
Scientific Games Corp, SGMS - Shares after Goldman Sachs Analyst Downgrade
Scientific Games Corp
Scientific Games Corp, SGMS
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Scientific Games Corp. fell Thursday after a Goldman Sachs analyst downgraded the company to "Neutral" from "Buy," in part due to uncertainty about a lottery contract in Italy. Analyst Betsy Gorton also removed the stock from Goldman's "Americas Buy List" -- a list of recommended stocks. Scientific Games shares lost $1.09, or 6.9 percent, to $14.83 in late morning trading.
Gorton said the Italian government had approved a new request for proposals from vendors for its lottery on June 26. Ultimately, Gorton believes Scientific Games will still participate in the contract, but she said the uncertainty could drag down the shares."We believe the uncertainty as to the exact form and earnings from this operation will hold back stock performance," Gorton wrote in a research report.
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