UPDATE: Deutsche Bank Upgrades International Game Technology to Buy, Raises PT

In a report published Monday, Deutsche Bank upgraded its rating on International Game Technology IGT from Hold to Buy, and raised its price target from $16.00 to $19.00. Deutsche Bank noted, “Post recent management meetings and a refreshed view of IGT specific operating trends, we are upgrading shares to Buy from Hold and raising our PT to $19 from $16. In short, we believe the worst of the IGT specific operating trends are behind them, or at the very least well understood, and we find the free cash flow generation, which we anticipate will accrue to shareholders, and beatable Consensus forecasts with growth through F2014, appealing at current levels. Simply put, we see little downside risk in the least expensive, most liquid, equipment supplier, in an environment where replacement demand isn't shrinking and numbers are beatable and likely going higher.” International Game Technology closed on Friday at $13.87.