Rising Fortunes For IGT: Analyst Upgrade Signals Confidence In Gaming Tech Giant's Future

Susquehanna Financial Group analyst Joseph Stauff upgraded International Game Technology IGT to Positive from Neutral at an increased price target of $31 from $25.
The analyst is bullish on impressive execution by management over the last few quarters, following strong Q1 2023 earnings.
IGT reported Q1 2023 revenue growth of 1% year-on-year to $1.06 billion, beating the consensus of $1.03 billion. The gaming technology firm registered an adjusted EPS of $0.49, beating the consensus of $0.38.
IGT expects Q2 revenue of $1.00 billion (consensus: $1.02 billion) and reiterated FY23 revenue guidance of $4.10 billion - $4.30 billion (consensus: $4.19 billion).
Stauff is impressed with IGT's solid lottery portfolio (accounted for around 70% of EBITDA), which protected its earnings during historical downturns.
The analyst expects 2023 revenue, EBITDA and FCF of $4.318 billion, $1.757 billion, and $399 million, respectively.
Price Action: IGT shares are trading higher by 1.55% at $26.26 on the last check Thursday.

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