Barclays Sees Drastic Drop in Likelihood of International Game Tech (IGT) Making Large Acquisitions or Raising Dividend

Barclays maintains an 'Equalweight' on International Game Tech (NYSE: IGT) price target of $21.00 (from $20.00).

Analyst, Felicia R. Hendrix, views the stock buyback announcement as a positive, with the program reflecting the company's confidence in it's own business and believes shares are trading at attractive levels. However, she thinks that the company will buyback plenty of stock, but the likelihood of IGT making a large acquisition or raising it's dividend have decreased.

Hendrix raises FY12 EPS estimate from $1.04 to $1.06 and FY13 from $1.20 to $1.25.

Note - the stock buyback announcement was made June 14 and shares jumped from around $13.22 to $15.12 Today, however, the stock is down $0.39 (-2.58%) to $14.73.

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 $15.12 yesterday.

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