UPDATE: Bank of America Raises PT on International Game Technology

Bank of America has published a report on International Game Technology IGT raising the price target from $20.00 to $21.00. In the report, Bank of America wrote, "„F3Q core EPS of $0.26 beats by 18% IGT's F3Q adj. EPS was $0.26, 18% ahead of our/the Street's $0.22. Total revs of $490M and gross profit of $289M were both in-line, and significantly lower S,G&A and R&D expense run rates were the driver of the EPS beat. With three straight quarters of clean earnings beats, a higher/tighter F11 guidance range of $0.89-$0.93 ($0.84-$0.90 prior), confidence in (relatively new) management building, and clear signs of stability and recovery, we expect shares to react positively." Bank of America rated International Game Technology a BUY with a price target raised from $20.00 to $21.00. International Game Technology closed Tuesday at $18.09.