Shares of International Game Technology (NYSE: IGT) have shed a third of their value over the past year, but the sagging stock could benefit from some clarity from the Italian lottery — one of the company’s marquee clients. IGT’s HQ in Providence, Rhode Island. The company could be in good position to retain the Italy lottery contract. (Image: IGT) Last Friday, Italy’s gaming regulator published request for proposal (RFP) documents, which Stifel analyst Jeffrey Stantial described as “modestly favorable, incrementally, for IGT.” He rates the stock a “buy” with a 12-month price target of $26, implying upside of more than 50% from today’s close. IGT’s contract with the Italian lotto is run through a joint venture with Allwyn and data confirm it’s an important contributor to IGT’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Disclosures from JV consortium partner Allwyn indicate the contract contributed €477M/€386M consolidated revenues/Adj. EBITDA to IGT in 2023, ~30%/20% of Global Lottery revenues/Adj. EBITDA… Read More
Category: Financial, Lottery
Source: Casino.org
