Benzinga's Morning Downgrades for May 31, 2012

Listed below are today's Top Downgrades at Benzinga: Sterne Agee Downgrades Finish Line FINL to Neutral: Sterne Agee notes, "We are downgrading FINL shares to Neutral from Buy as the company's increased spending is causing earnings growth to be below historical and peer levels. For FY16, the company is forecasting EPS of $2.50 (13% CAGR) with growth flat for FY13, +DD in '14 and midteens in '15 and '16. Consolidated revenue in FY16 is expected to reach $2.0B (11% CAGR)." Bank of America Downgrades Cliffs Natural Resources CLF to Neutral: Bank of America comments, "We downgrade CLF to Neutral from Buy as we contemplate a more cautious outlook on iron ore. While much of potential excess supply and more modest demand seem priced into shares, we see limited upside amid likely further iron ore pressure. We are confident in CLF's ability to lower costs and add capacity but a weaker iron ore price trumps these accomplishments in our view. Sustained cash flow strength and a 5% dividend yield rest on a certain iron ore price, which may be at risk. Our new estimates use the forward curve at $120/t for 2013E iron ore vs a prior $140/t. We assume Chinese and global steel demand growth ~5%." All of Benzinga's Analyst Ratings news can be viewed here.