At least three brokers have downgraded Boart Longyear (BLY) following its earnings downgrade and renegotiation of debt covenants
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At least three brokers have downgraded Boart Longyear (BLY) following its earnings downgrade and renegotiation of debt covenants. BoA Merrill Lynch has downgraded BLY to Underperform, reducing the price target from 95c to 45c on the back of continued earnings pressure and deteriorating end markets (current price:$0.63). CIMB has downgraded BLY to a Neutral with a price target of $0.69 (previously $1.31), citing risk of a dilutive capital raising and no upside potential in the near-team amidst difficult operating conditions. Citi has rated BLY as a Sell given elevated balance sheet risk, lack of earnings visibility and weak demand outlook.
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Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
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Livewire News
Livewire
Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
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