Goldman Sachs Upgrades WMS Industries (WMS) to Neutral; Stock Reflects Difficulties

Goldman Sachs upgraded WMS Industries (NYSE: WMS) from Sell to Neutral with a price target of $24 (down from $27).

The firm is moving to a more balanced view on WMS and Bally (NYSE: BYI), after significant underperformance. However they maintained their Sell rating on International Game Technology (NYSE: IGT).

Thirteen months ago, Goldman downgraded the sector based on a virtually non-existent replacement cycle, a smaller and slower rollout of slots in new markets and the advent of more competition have created a very difficult slot manufacturing environment.

"We do not see any of these factors changing any time soon, but some of the stocks are starting to reflect the difficult industry dynamics."

For more ratings news on WMS Industries click here and for the rating history of WMS Industries click here.

Shares of WMS Industries closed at $21.49 yesterday.

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