Goldman Sachs Downgrades WMS Industries (WMS) to Sell, After Weak Slot Survey

Goldman Sachs downgraded WMS Industries (NYSE: WMS) from Neutral to Sell with a price target of $19, suggesting 16% downside.

The downgrades follows the firm's recent Slot Survey, which suggests WMS's turnaround will take longer than expected.

"We are lowering our estimates on worse replacement demand for WMS machines, as it did not do well in several major question categories. Our new estimates are 6% below consensus on average from FY2012-FY2014."

FY12 EPS goes from $1.43 to $1.40, FY13 from $1.60 to $1.54, FY14 goes from $1.79 to $1.75.

For an analyst ratings summary and ratings history on WMS Industries click here. For more ratings news on WMS Industries click here.

Shares of WMS Industries closed at $22.53 yesterday.

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