UPDATE: Stifel Nicolaus Raises PT on WMS Industries to $26; LT Thesis Intact

Stifel Nicolaus increases its price target from $24 to $26 on Buy-rated WMS Industries

as a mixed quarter does not dilute long-term outlook for the company. Stifel Nicolaus comments, "Reported GAAP EPS of $0.40 versus $0.41 last year and in line with our estimate. Consensus was $0.42. Revenues totaled $176M (-9%) compared to our $185M estimate. …In a lot of ways F3Q12 was a mixed bag of sorts for WMS, as the emergence of several encouraging trends was partially offset by continued uncertainties and sluggish y/y comparisons. Although plenty of questions still remain, F3Q12 reported results, coupled with management's encouraging forward looking commentary, serve to keep our favorable long-term view on WMS shares intact." WMS closed at $24.51 on Monday.