Market Overview

UPDATE: Morgan Stanley Downgrades Cliffs Natural Resources to Underweight on Worsening Operational Outlook

Share:
Related CLF
Friday's After-Hours Movers: Etsy, Cliffs Natural Resources And More
CNBC's Stock Pops & Drops From April 13
Small Cap Cliffs Natural Resources (CLF): Short Squeeze or Dead Cat Bounce? BHP & VALE (Small Cap Network)

In a report published Wednesday, Morgan Stanley analyst Evan L. Kurtz downgraded the rating on Cliffs Natural Resources (NYSE: CLF) from Equal-Weight to Underweight, and lowered the price target from $36.00 to $14.00.

In the report, Kurtz noted, “Despite the recent selloff in CLF shares, we are downgrading the stock to Underweight and cutting our price target to $14. We believe Cliffs' key US iron ore business (~60% of 2012 EBITDA) will be halved in coming years as new Great Lakes supply cuts into volumes and pricing. CLF stock has dropped ~44% YTD on deteriorating operational outlook (especially for Bloom Lake) and a surprise dividend cut and equity/convertible preferred raise.”

Cliffs Natural Resources closed on Tuesday at $21.43.

Latest Ratings for CLF

DateFirmActionFromTo
Apr 2015CitigroupMaintainsSell
Apr 2015CitigroupMaintainsSell
Apr 2015BMO CapitalDowngradesMarket PerformUnderperform

View More Analyst Ratings for CLF
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CLF)

Around the Web, We're Loving...

Get Benzinga's Newsletters