UPDATE: Jefferies Lowers PT on WMS Industries to $32

Jefferies is out with its report today on WMS Industries WMS, lowering its PT from $36 to $32. In a note to clients, Jefferies writes, "Recent market dynamics as well as industry channel checks suggest that the domestic market conditions and WMS' present competitive positioning warrant a more conservative approach to our estimates. In short, irrespective of the new casinos opening later in 2012, we believe it could be several quarters before WMS regains its momentum. Reiterating HOLD rating and reducing our price target to $32." Shares of WMS closed Thursday at $28.11, up 1.19% from Wednesday's close.