Argus Starts International Game Tech (IGT) at Buy
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Argus initiates coverage on International Game Tech (NYSE: IGT) with a Buy rating and a price target of $30.00.
The firm said their rating and target reflect the company’s solid cash flow, synergies from the recent merger with GTECH, and prospects for strong revenue and earnings growth going forward.
The also expect IGT to benefit from greater diversification following the merger and from more moderate currency headwinds.
Argus projects 2016 earnings of $2.10 per share on revenue of $5.1 billion and 2017 earnings of $2.30 per share on revenue of $5.2 billion. Their long-term earnings growth rate forecast is 7%.
Shares of International Game Tech closed at $23.80 yesterday.
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