downgrade

this article outlines a further downgrade for ALL. it does not mention the other large factor being the recent Australian poker licence changes, whcih would of course also be included in the analyst's calcs. Remember the CEO highlighted US as his primary focus.

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Aristocrat Leisure downgraded, slot machine sector to remain falt Michael Bennet From: The Australian June 22, 2010 11:22AM

GOLDMAN Sachs JBWere has downgraded Aristocrat Leisure after its US gaming team downgraded the slot machine sector on expectations it will remain flat until 2012.
The move saw analyst Adam Alexander this morning promptly downgrade Aristrocrat to a sell from hold and slashed his price target to $4.40 from $5.10.

Alexander pointed to the little potential for new markets in the US, increased competition in Australia and the US and a high level of downside risk to earnings estimates for full year 2010, 2011 and 2012.

We believe this stems from the market assuming a higher level of recovery in the US than we are forecasting, he said.

GSJBW reduced its earnings per share forecasts for 2010 to 2012 financial years by 9 per cent, 17 per cent and 12 per cent respectively with its 2011 forecast 15 per cent below consensus.

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Aristocrat fell almost 3 per cent in early trade to $3.85.

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http://www.theaustralian.com.au/business/city-beat/aristocrat-leisure-downgraded-slot-machine-sector-to-remain-falt/story-e6frg9no-1225882690846