2024-03-23 11:34:07 ET
Summary
- International Game Technology has seen a decline in its stock price despite a positive long-term outlook for the business.
- In its latest fiscal year, IGT reported a 2% increase in revenue, driven by growth in some service revenue and some product sales.
- IGT's spin-off and merger with Everi Holdings has caused investor dissatisfaction, but the combined company is expected to generate significant revenue and capture cost savings.
- And the firm that remains also looks attractive moving forward.
One of the most common sayings that I have heard is, 'may we be cursed to live in interesting times'. And these most certainly are interesting times. This is true on a macro scale. But it's also true when talking about individual investment opportunities. As an example, we need only look at International Game Technology (IGT), a company that operates as a global leader in gaming that focuses on lotteries, gaming machines, sports betting, and even digital gaming. In June of 2023, I wrote an article about the company wherein I took a very bullish stance. In a rare move, I even rated it a 'strong buy' to reflect my belief that it represented one of the best investment opportunities currently on the market. As you might recall from an article that I published earlier this year, the 'strong buy' prospects that I tend to pick out typically outperform the market rather meaningfully....
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International Game Technology: A Compelling Prospect Despite The Market's Disdain