International Game Technology (IGT) Gets a Sell Rating from Credit Suisse


Credit Suisse analyst Benjamin Chaiken maintained a Sell rating on International Game Technology (IGT) yesterday and set a price target of $5.00. The company’s shares closed last Wednesday at $9.75.

According to TipRanks.com, Chaiken is a 4-star analyst with an average return of 16.5% and a 73.3% success rate. Chaiken covers the Services sector, focusing on stocks such as Norwegian Cruise Line, Wyndham Destinations, and Marriot Vacations.

Currently, the analyst consensus on International Game Technology is a Hold with an average price target of $9.45.

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Based on International Game Technology’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $940 million and GAAP net loss of $248 million. In comparison, last year the company earned revenue of $1.14 billion and had a net profit of $40.25 million.

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International Game Technology Plc engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. It operates through the following segments: North America Gaming and Interactive; North America Lottery, International, Italy, and Other. The North America Gaming and Interactive segment develops and delivers leading games, systems and solutions for land-based casinos, DoubleU Games DoubleDown casino free-to-play social casino app, and interactive for-wager online play. The North America Lottery segment is involved in the development and delivery of lottery solutions, performing research and development for all lottery-related products globally. The International segment specializes in end-to-end solutions and services across all channels to regulated clients in Commercial Gaming and Lottery sectors such as strategic development and operation management. The Italy segment is responsible for lottery and machine gaming concessions, as well as ports betting, interactive gaming, and commercial services. The company was founded on July 11, 2014 and is headquartered in London, the United Kingdom.

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