Markets & Finance

Prudential Cuts Multimedia Games Estimate

Prudential cut its estimate on Multimedia Games (MGAM).

Analyst William Lerner says he spent several days visiting class II casinos and related construction sites. He now believes there is a high likelihood that Multimedia will miss fourth-quarter EPS largely due to apparent construction delays across three of its development facilities. Also, he has other concerns about the fourth-quarter related to Hurricane Ivan plus extraordinary unit sales that may still not get booked in the quarter. He cut his fourth-quarter EPS estimate by 5 cents to 33 cents, and his $1.15 fiscal 2004 (ending September) forecast to $1.20. The analyst is keeping his overweight recommendation on the shares. He says facilities being built only a timing issue; there is plenty of other good news from the field.

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