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Morgan Stanley Upgrades WMS Industries

From Standard & Poor's Equity Research

Morgan Stanley upgraded WMS Industries (WMS) to overweight from equal-weight.

Analyst Celeste Brown says WMS had been trading at a steep discount to its potential long-term value since its last earnings report in May, but she stayed on the sidelines due to her uncertainty over whether WMS could meet her numbers. By disaggregating international units between Russian and non-Russian sales, she has gained more confidence in WMS' international growth path.

Brown now believes international sales will grow significantly over the next few years -- both in Russia and in other markets. She raised $1.47 fiscal year 2008 (June) EPS estimate to $1.62. She also increased her price target to $28.

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