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Goldman Upgrades WMS to 'Market Perform'

Goldman Sachs upgraded WMS Industries (WMS) to market perform from market underperform.

Analyst Steven Kent says since May 1, the stock has fallen more than 30%, vs. the S&P 500's 18% drop. He says he had based his sell assessment on the belief that the company's software problems would keep it from growing earnings. He upgraded now because: 1) the stock has fallen; 2) recent channel checks indicate some managers are becoming more receptive to the company's products; 3) the Mississippi gaming authority has approved a new WMS system; 4) he suspects WMS will have good news when it posts fourth-quarter earnings per share on August 14.

He also notes the company will be introducing new games in September. He has a $0.25 fiscal 2002 (June) earnings per share target and $0.07 for fiscal 2003.

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