broker's report downgrades hdr

There is a Report from LonSec at the following URL:

http://www.sharescene.com/index.php?act=Attach&type=post&id=37228

Downgrades HDR from a buy to a hold...maybe they are hedging their bets before the drilling program..Hopefully HDR will sail right past it - I like their last sentence: "This recommendation is clearly not suitable for those who are not risk averse"...
How about: "This recommendation is clearly suitable for those who want their portfolio to bump along the ground"? or:
"This recommendation is based on the fact that we see no hope of getting any advisory work from HDR".