UPDATE: RBC Capital Markets Downgrades Cliffs Natural Resources to Sector Perform, Lowers PT

In a report published Wednesday, RBC Capital Markets downgraded its rating on Cliffs Natural Resources

from Outperform to Sector Perform, and lowered its price target from $45.00 to $32.00. RBC Capital Markets noted, “We downgrade Cliffs to Sector Perform from Outperform and lower our price target to $32 from $45. We lower our rating on the shares because of our more subdued outlook for iron ore in 2013 and 2014, the loss of growth at Bloom Lake, our expectation of further negative guidance revisions at year-end, and a possible dividend cut. We believe much of the bad news is already reflected in the share price. However, we expect upside for the shares to be limited over the next 12 months.” Cliffs Natural Resources closed on Tuesday at $29.40.