International Game Technology's "strong" quarterly results are part of a larger turnaround for both the stock price and the North American slot machine business, Jefferies analyst David Katz tells investors in a post-earnings research note titled "All Treat & No Tricks." Despite the "muted" earnings trajectory in 2019, the focus on accelerating free cash flow and the current valuation "imply considerable upside" from these share levels, Katz contends. He lowered his price target for International Game to $30 from $35 and keeps a Buy rating on the name.