GS expects BLY's share price to up to double in 2010 (13 Jan...

GS expects BLY's share price to up to double in 2010 (13 Jan report).They have BLY as one of their three best picks in mining services, others being Bradken and Downer. Catalysts for price rise are 1) rig utilisation (BLY predicts 53% GS expects much higher in 2010 as much as 60% to 65%)making EDITDA 210-245 mil on upside 2)Market recovery (Major Drilling has already stated they are seeing upswing)3)better 2009 BLY results than market expects, 4) upgrades to 2010 BLY guidance 5) 2010 price rises for drilling and drilling products 6) further cost reduction by closing plants from 8 to possibly 6

BLY is highly leveraged to upswing in rig utilisation, and with commodity price boom capacity will increase....

Despite the fact that you have to count your fingers after shaking a GS employee's hand, they are smart guys and know how to make $$$...