JP Morgan Gives WMS Industries 'Overweight' Rating
JP Morgan initiated coverage of WMS Industries (WMS ) with an overweight rating.
Analyst Harry Curtis initiates coverage and adds WMS to the Analyst Focus List. He believes WMS is a forgotten company and stock. He says most analysts lost interest given the lack of EPS growth since fiscal year 2001 (June), decline in market cap, and high level of short interest.
He says WMS is emerging from two years of self-imposed exile as a maker of gaming devices. He notes the company has designed new technology platform, improved systems' integrity, and created substantial new content. He believes fiscal year 2005 will be a key year, and expects WMS to earn 92 cents per share. He sees upside to $24 share.