IGT Upgraded to “Buy” at Deutsche Bank; Price Target Raised
Deutsche Bank analysts boosted its rating for gaming machine manufacturer International Game Technology (IGT) on Monday.
The analysts upgraded IGT from “Hold” to “Buy” with a new price target $19, up from $16. The new price target is a +37% upside from Friday’s closing price of $13.87.
Deutsche Bank commented, “In short, we believe the worst of the IGT specific operating trends are behind them, or at the very least well understood, and we find the free cash flow generation, which we anticipate will accrue to shareholders, and beatable Consensus forecasts with growth through F2014, appealing at current levels. Simply put, we see little downside risk in the least expensive, most liquid, equipment supplier, in an environment where replacement demand isn’t shrinking and numbers are beatable and likely going higher.”
IGT shares were up 38 cents, or +2.74%, in premarket trading on Monday.
The Bottom Line
Shares of International Game Technology (IGT) have a 2.02% dividend yield, based on Friday’s closing stock price of $13.87. The stock has technical support in the $11-$12 price area. If the shares can firm up, we see overhead resistance around the $15 price levels.
International Game Technology (IGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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