credit suisse boosts boart longyear

2159 GMT [Dow Jones] STOCK CALL: Credit Suisse boosts Boart Longyear (BLY.AU) to Neutral from Underperform after equity raising, reduced financial risk and recent share trading, underperforming by 19% since capital raising. "Operationally, we believe the resources exploration/development environment is improving, supported by sustained increases in gold and copper prices, increasing 2010 capex budgets by major resource companies and improving financial position of junior miners," CS says in a client note. After equity raising, "BLY's financial future is now seemingly secure," it says. "Importantly, BLY has top line and operating leverage to an improving resources market. We believe the material commodity (gold, copper) price rises over the six months is likely to translate into increased capex from the majors and a return to exploration from the juniors." Also increases FY09-FY11 earnings estimates by an average of 17%. Keeps A$0.33 target. Last trade A$0.285. (ABH)