UPDATE: J.P. Morgan Lowers PT on WMS Industries to $25

J.P. Morgan is out with its report today on WMS Industries WMS, lowering its PT from $31 to $25. In its report, J.P. Morgan writes, "Our year-end 2011 price target goes to $25 from $31. Our price target assumes that WMS can trade at 15x F2012E EPS of $1.65. Our target multiple assumption is slightly below its peers, which, in our view, makes sense given our view on F2012 EPS risk for WMS versus its peers." J.P. Morgan maintains Neutral on WMS. Shares of WMS closed Thursday at $25.28, down 6.75% from Wednesday's close.