Jefferies Lifts Price Target on IGT (IGT), Sticks With Hold Rating

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Jefferies raised estiamtes and its price target on International Game Tech (NYSE: IGT) from $16 to $18 but is keeping their Hold rating.

The firm comments, "With better than expected pricing in international markets and gradually improving yield in gaming operations, we believe management should moderately improve earnings performance, which has been the focus of the past few years. While we believe the improvement should continue, we believe the earnings growth should remain more tempered than that of other names, given the challenged demand environment and the scale of IGT's operation."

The firm raised Q3 EPS from $0.22 to $0.24, FY11 from $0.87 to $0.94, FY12 from $1.05 to $1.12.

For more ratings news on International Game Tech click here and for the rating history of International Game Tech click here.

Shares of International Game Tech closed at $18.09 yesterday, with a 52 week range of $13.65-$19.11.

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