Gabelli & Company Reiterates Buy Rating on International Game Technology
In a report published Friday, Gabelli & Company reiterated its Buy rating on International Game Technology (NYSE: IGT).
Gabelli & Company noted, “On January 12, 2012, IGT announced the acquisition of Double Down Interactive LLC – a leading online social gaming company offering blackjack, slots, slot tournaments, video poker, and roulette to social gamers for $250 million in cash, $85 million in retention payments over the next two years and up to $165 million in cash payable over the next three years subject to Double Down meeting certain financial performance targets. We expect Double Down's strategic acquisition to establish IGT's position in casino-style social gaming and strengthen its core gaming business with additional distribution channels for IGT's game content.”
International Game Technology closed on Thursday at $14.45.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.