UPDATE: Bank of America Lowers PT to $90 on Cliffs Natural Resources
A report from Bank of America reiterates its Buy rating and lowers its price target from $96 to $90 on Cliffs Natural Resources (NYSE: CLF).
The report states, “Our global commodities team has lowered iron ore forecasts an average 4.4% for 2011-2013 to reflect a more cautious view toward global growth across commodities… Our new prices reflect an expected recession in the Eurozone, but still anticipate recovery from recent levels as we remain fairly positive on Chinese steel production rising nearly 6% y/y.”
CLF closed yesterday at $69.08.
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