UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on International Game Technology

In a report published Friday, Deutsche Bank reiterated its Hold rating on International Game Technology

, and raised its price target from $14.00 to $16.00. Deutsche Bank noted, “Strong F4Q12, Stronger Guidance, But What Changed? Following a strong, but somewhat tough to navigate F4Q12, and better than expected guidance, into elevated guidance expectations, we are raising estimates and reviewing our thesis. More specifically, while the quarter was fundamentally sound and surprisingly so in some instances, we are using this opportunity to take a deeper look into what has changed as we believe the knee-jerk favorable reaction to the print and guidance, which we expect today, may overstate the true merits of the underlying core business. Our price target is up $2 to $16 from $14 as we are now using F2014 earnings as our base year. We remain at Hold.” International Game Technology closed on Thursday at $12.83.