FLASH Citi upgrades BLY to "Re-iterate Buy, Target Price Raised...

FLASH

Citi upgrades BLY to

"Re-iterate Buy, Target Price Raised to $4.25"

Strong buy case has alternate bull number at $5.12 !!

Broker agree with Jakeblues op ed on the peer's outpeformance and goes further discussing the three year lag or spool up effect of the industry - in that peak margins did not hit full capacity until three years after the previous recession. Ie/ BLY represents very good value given its significant discout to its global peers - given its a much larger company than Major Drilling et al - we should start to see this recognised.

Has management got the ticker ?

Lets put the renumeration debarcle behind BLY. Give them twelve months to peform and bring the instos on board - something we were crying out for at 0.32c - they wont buy BLY until managment get the runs on the board. Thats consistant performances and a clear defined stratergy for growth either via acquistions / diversification. Debt nearly cost BLY everthing - where is it now and will the current management use it to grow ?

cheers


Jake