UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Cliffs Natural Resources After Factoring in New Plan and Guidance

In a report published Thursday, Morgan Stanley analyst Evan L. Kurtz reiterated an Underweight rating on Cliffs Natural Resources CLF, but lowered the price target from $12.00 to $10.00. In the report, Morgan Stanley noted, “The net result of last week's announcements causes us to trim our price target by $2 to $10. Deltas to our prior target are driven by the status quo decision to only operate phase I at Bloom Lake and weaker profits at Asia Pac partially offset by a more positive view on base case US volumes.” Cliffs Natural Resources closed on Wednesday at $21.96.