downgrade to sell

BLY - Citi rates the stock as Sell, High Risk
BROKER NEWS - 22/05/2008


In the broker's view the Macmahon ((MAH)) offer for Ausdrill ((ASL)) suggests competition in the exploration drilling sector may intensify in coming years.

If this happens it sees scope for currently healthy margins to contract, which supports its Sell rating on Boart. Sector: Capital Goods.

Target price is $1.70. Current Price is $2.14. Difference: ($0.44) - (brackets indicate current price is over target). If BLY meets the Citi target it will return approximately -26% (excluding dividends, fees and charges - negative figures indicate an expected loss).