International Game Tech (IGT) PT Raised to $25 at Jefferies on Lottery Strength
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Jefferies analyst David Katz raised the price target on International Game Tech (NYSE: IGT) to $25.00 (from $24.00) after the company reported 4Q20 revenue of $885M, compared to the Visible Alpha consensus of $949.4M. The consolidated revenue did not include contribution from Italy B2C business, which is classified as discontinued operations. Adj. EBITDA, including discontinued operations, of $321M, beat consensus' $314.7M. Strength was seen in the Global Lottery business which was considerably stronger forecast,
generating $630M of revenue and $313M of Adj. EBITDA, vs. expectations of $562M and $281M.
The analyst reiterated a Buy rating, stating "The two elements of our bullish thesis on IGT are evident in the quarter. First the stability and prospective growth for the lottery business was the key driver of the upside to
expectations, which is expected to continue. Second, the cash generation establishes a path to <4X leverage, which has been a key target for the past several years. In the context of a strong consumer operating environment, we expect valuation to continue expanding."
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