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CIBC Cuts Multimedia Games to Sector Perform

CIBC World cut Multimedia Games (MGAM) to sector perform.

Analyst David Katz says he downgraded the electronic-game maker from sector outperform due to lowered guidance, uncertain prospects in key growth markets, and softness in the gaming-equipment space. He notes 2004 EPS guidance was reduced from $1.29, to a range of $1.20 to $1.25.

Katz says challenges in casinos in Oklahoma, and in getting new markets running remain, although the charity Bingo market shows positive signs. He believes it will be several months before Oklahoma improves and a gaming opportunity in California becomes clearer. This leaves few catalyst in the very near term, he says.

Katz cut the $1.24 2004 EPS estimate to $1.17, and cut the $1.51 2005 estimate to $1.46. He cut the $35 target to $30.

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