Wells Fargo Starts International Game Tech (IGT) at Outperform; Significant Free Cash Flow As Turnaround Progresses
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Price: $18.25 +1.39%
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade IGT Now!
Wells Fargo initiates coverage on International Game Tech (NYSE: IGT) with an Outperform. PT range $17-$22.
Wells analyst says, "We are positive on IGT for several reasons. (1) we believe IGT is rapidly positioning itself as the best-in-class manufacturer from a massive restructuring that began in 2009; (2) IGT’s FCF generation is very high, with $1.55 per share in FCF expected in FY2013; (3) its FCF stream is highly defensive, in our view, given the recurring nature of gaming operations; (4) excellent leverage to an increase in replacements of old mechanical reel units; and (5) we believe earnings risk is skewed to the upside given the potential for new opportunities."
For an analyst ratings summary and ratings history on International Game Tech click here. For more ratings news on International Game Tech click here.
Shares of International Game Tech closed at $16.53 yesterday, with a 52 week range of $13.38-$19.15.
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Wells analyst says, "We are positive on IGT for several reasons. (1) we believe IGT is rapidly positioning itself as the best-in-class manufacturer from a massive restructuring that began in 2009; (2) IGT’s FCF generation is very high, with $1.55 per share in FCF expected in FY2013; (3) its FCF stream is highly defensive, in our view, given the recurring nature of gaming operations; (4) excellent leverage to an increase in replacements of old mechanical reel units; and (5) we believe earnings risk is skewed to the upside given the potential for new opportunities."
For an analyst ratings summary and ratings history on International Game Tech click here. For more ratings news on International Game Tech click here.
Shares of International Game Tech closed at $16.53 yesterday, with a 52 week range of $13.38-$19.15.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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