Truist analyst maintains Hold rating on IGT after Italian lottery contract payment
Truist Securities analyst Barry Jonas maintained a Hold rating and an $18-per-share price target for International Game Technology after the company paid $2.6 billion to extend its Italian lottery contract. Jonas said IGT expected online lottery growth and cross-selling into igaming to help recover higher service costs; he also cited shareholder-return concerns.
IGT expects online lottery growth and igaming cross-selling to offset higher service costs, but shareholder returns remain a concern.