Credit Suisse Raises IGT Target To $21 Upon Tightened Guidance

International Game Technology (NYSE: IGT) tightened EPS guidance to $0.79-$0.87 from $0.77-$0.87, Credit Suisse reports.

“We still believe the company is taking a conservative approach to guidance until there is more visibility into replacement cycle and expansion opportunities,” Credit Suisse writes.

“We are adjusting estimates and raising our target price to $21. With many ‘hot' new games ready to reach slot floors this summer we see the back end of the year as a period of accelerating results for IGT.”

International Game Technology closed Thursday at $18.32.