Multimedia Games downgraded to Neutral by Janney Montgomery Scott

Janney Montgomery Scott downgrades Multimedia Games (MGAM) to Neutral from Buy and maintains its $38 PT.

Analyst Brian McGill observes that shares have nearly tripled since the firm initiated coverage in 2012 as "[m]anagement has done an impeccable job of executing on its strategy ... However, at this point, even though we are still optimistic on the outlook, it is difficult to justify higher than 25x our 2014 EPS outlook of $1.35 plus cash."

Consensus for 2014 EPS is $1.31. MGAM last closed at P/2014E of 28.7.

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