WMS Takes Huge Hit After Downgrade

After climbing steadily from a low in August, WMS Industries (NYSE:WMS) took a 6.22 percent dive today as it gets downgraded from Deutsche Bank. Deutsche lowered its price target on the stock to $13.00 from $15.00 and changed its rating to “Sell” from “Hold.” WMS got a slew of downgrades from Bank of America, JPMorgan, and Nomura Securities in early August when it bottomed out.

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An 8-K SEC filing on September 17 notes that board member Neil Nicastro plans to retire right as the company is unveiling a new video poker game at the 12th annual Global Gaming Expo at the beginning of October. The gaming machines will be launched through an exclusive agreement with Caesars Entertainment. WMS will also release its new “Spider-Man” game at the October event, which promises to be a “fully immersive slot gaming experience.”

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