Citi Downgrades International Game Technology (IGT) to Hold.
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Citi downgrades International Game Technology Inc (NYSE: IGT) from Buy to Hold. Price target dropped from $45 to $25.
Citi analyst says, "We have downgraded IGT to Hold and have removed it from Top Picks Live in response to disappointing EPS guidance provided in conjunction with its F3Q report today...IGT has a high quality biz model. Its SB Gaming product is impressive and should stimulate a future replacement cycle. However, its biz is proving more sensitive to the economy than we previously appreciated, which reduces EPS visibility, and creates uncertainty re: timing of SB adoption. Valuation is reasonable at 18x cyclically low ’09 EPS (avg. is 20x), but no catalyst in next 12 mos. Good oppt’y for value oriented investors w/longer-term view."
International Game Technology (IGT) is a global company specializing in the design, manufacture and marketing of computerized gaming equipment, network systems, licensing and services.
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