If not for the forward transaction entered into by International Game Technology's controlling shareholder, the shares would have responded "very well" yesterday to the fundamentals and the outlook presented in IGT's Q1 and on the conference call, Deutsche Bank analyst Carlo Santarelli tells investors in a research note. He believes International Game "represents a strong operating story at a healthy discount to peers, with several avenues for accelerating growth." The analyst recommends buying the stock and keeps a Buy rating on the name with a $35 price target.