Speculative gaming company International Game Technology PLC (NYSE: IGT), also known as IGT, recently revealed that it has signed a six-year contract with a state-owned lottery subsidiary company, Singapore Pools (Private) Limited.
Following the news, shares of the company remained static to close at $25.52 in Monday’s extended trading session.
Details of the Deal
Under the terms of the contract, IGT will provide its central lottery system, Aurora, to the customers of Singapore Pools. The company will also provide services of its Aurora Navigator, Data Connector and Aurora Anywhere platforms.
While Aurora Navigator can be used to view, manage and administer all lottery applications and back-office functions, the Data Connector ensures efficient data integration and analytics. The Aurora Anywhere is a secure gateway that allows external applications to connect to the core lottery system, which creates opportunities for expanded game play.
Management Commentary
The Chief Operating Officer of Global Lottery at IGT, Jay Gendron, said, “Set up to provide a legal, safe and trusted avenue for people to place bets, Singapore Pools requires the sophistication, reliability and innovation that IGT’s Aurora central system provides to support the Lottery’s significant number of daily transactions. IGT’s service-oriented Aurora incorporates a suite of flexible solutions designed to manage, transform and further grow the Lottery’s business.”
Stock Rating
Recently, Deutsche Bank analyst Carlo Santarelli assigned a Buy rating to the stock with a price target of $39, which implies upside potential of 52.8% from current levels.
Consensus among analysts is a Strong Buy based on five Buys and one Hold. The average IGT stock prediction of $41.17 implies upside potential of 61.3% from current levels. Shares have gained 39.2% over the past year.
Negative Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on IGT, as 3% of portfolios tracked by TipRanks increased their exposure to IGT stock over the past 30 days.
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