Stifel analyst Jeffrey Stantial upgraded International Game to Buy from Hold with a price target of $26, up from $24. Despite the company’s favorable update on the Lotto tender and “healthy” lottery trends reported at Q1, the shares continue to trade lower, which primarily reflects the mechanical overhang ahead of the Gaming & Digital spinoff, the analyst tells investors in a research note. The firm says that while risk remains that IGT proves “dead money” ahead of the close, it would rather risk being too early than late. The Italy Lotto contract is “substantially de-risked,” helping catalyze the lottery re-rate thesis, contends Stifel.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IGT:
- IGT Announces Business Restructuring and Merger
- International Game extends contracts with Mississippi Lottery
- Ex-Dividend Date Nearing for These 10 Stocks- Week of May 27, 2024
- International Game Technology Shareholders Approve Resolutions
- Bet On It: Investment manager comes out against Play AGS take-private deal