Jefferies analyst cuts IGT price target to $18 amid Italy contract uncertainty
Jefferies analyst David Katz lowered his price target for International Game Technology shares from $19 to $18, maintaining a Hold rating in an April 14 investor note. Katz cited uncertainty around the competitive Italian Lotto contract bid and IGT’s gaming-business transaction with Apollo; he kept his first-quarter revenue projection at $637.1m but reduced his cash-flow target to $257.9m from $296.6m.
The analyst’s assessment reflects potential effects of the Italian lottery bid and pending gaming-business transaction on IGT’s outlook.