Nomura Securities Maintains a 'Neutral' on International Game Tech (IGT); Core Biz was In-line

Nomura Securities maintains a 'Neutral' on International Game Tech (NYSE: IGT) price target raised from $17 to $19.

Analyst, Harry C. Curtis, said, "No change to Our Core Outlook but Raising PT to $19 from $17...as we roll forward valuation to FY2013 EPS est. (IGT has a Sept YE) from prior average of 2012/2013 (see Fig 2). Our FY2013 EPS est. is $1.28 (vs. prior $1.27), roughly 9% above cons. due to our share repo assumptions. We continue to use 15x multiple, as we see little room for multiple expansion given our 12% 3yr CAGR EPS growth, which is inclusive of an above-consensus share repo assumption."

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 $15.90 yesterday.

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