International Game Tech (IGT) PT Raised to $38 at Jefferies

Jefferies analyst David Katz raised the price target on International Game Tech (NYSE: IGT) to $38.00 (from $28.00) while maintaining a Buy rating.

The analyst commented, "The quarter provides two messages we believe are positive and suggest continued positive progress for the shares. First, the positive performance and sustainability of the lottery business, which warrants estimate increases. Second, the increasing likelihood of more meaningful capital returns coming from the 11/16 analyst meeting. We believe these warrant higher than historical valuation levels. Reiterate Buy."

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