Stifel Downgrades International Game Technology, Does Not Expect Competive Deals To Arise

In a report released Monday, Stifel analyst Steven Wieczynski downgrades International Game Technology

from Buy to Hold with no upgraded price target. Analyst at Stifel view IGT's $18.25 offer price as “fair” despite the company's challenges faced especially with its North America supplier market. Wieczynski does not expect a competitive bid to arise, Stifel estimates $280 million in deal related EBITDA synergies potentially influencing GTECH to pay a bit of a premium to the implied value. Currently IGT's premium time-adjusted returns displays 6 percent upside to the acquisition price if IGT were to liquide its existing positions at current levels.