major broker upgrades - citi to 0.40c

"Upgrading to Buy on Broad-Based Demand Recovery
FY10 guidance upgraded on increased 1Q10 demand - BLY increased FY10 revenue and EBITDA guidance to $1.3B (+15%) and $195M (+15%) respectively following a broad-based demand recovery in 1Q10. Capex guidance was up $50M to $150M. We increase our FY10-12 NPAT forecasts by an average of 19% to reflect stronger demand and raise our target price to $0.42 from $0.33. We upgrade BLY from Hold/Speculative to Buy/High Risk."

Up market day today - may see 0.38 c plus prior to AGM.

10 - 1 Consolidation must also have insto's looking to alter their mandadtes to buy before the 10 - 1 split.

BLY - recovery stock of 2010 !

Note - the fact that they have increased headcount to my posts on the careers section of thier web site.
100%% increase in product back logs and if you look at BLY's compeditors Major Drilling et al - you will see new rig orders ( major Capex) and who supplies the drill rods and bits ? ........ Boart Longyear.


Personally, I would like to see BLY create a drill rescue division. A global 24H responce team that could be used by major drillers to troubleshoot disasters ( ie/ BP in the US). - that may be a bit Thunderbirds to the rescue...


Cheers


jake

Ps: how would you feel if you shorted BLY last Friday or sold on the 10 - 1 announcement....ouch !