International Game Technology (IGT) experienced a downgrade from a “strong-buy” to a “buy” rating by equities research analysts at StockNews.com. This comes after various other research reports have been issued on IGT, with some lowering price targets while others have upgraded the stock. Overall, two analysts have rated the stock as a hold, while five have issued a buy rating, leading to an average rating of “Moderate Buy” and a consensus target price of $28.00.
On Friday, IGT opened at $19.98 on the NYSE, with a 50-day simple moving average of $20.26 and a 200-day simple moving average of $23.01. Despite this downgrade, IGT reported a strong earnings results for the quarter ending on May 14th, with earnings per share of $0.46, surpassing the consensus estimate by $0.17. The company had a net margin of 4.98% and a return on equity of 20.84%. Revenue for the quarter was $1.07 billion, compared to an estimated $1.03 billion.
In terms of institutional trading, several hedge funds have recently increased their stake in IGT, demonstrating confidence in the company’s future performance. About IGT operates in the gaming technology industry, providing products and services globally, with three main segments: Global Lottery, Global Gaming, and PlayDigital.
Despite the recent downgrade, IGT continues to show promise and analysts anticipate the company will post 1.53 earnings per share for the current year. Investors and stakeholders will be closely watching the company’s performance in the coming months.
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