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UPDATE: Cliffs Natural Resources Downgraded by Macquarie

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In a report issued Friday, Macquarie downgraded its rating of Cliffs Natural Resources (NYSE: CLF) from Neutral to Underperform and lowered the target price to $10.

Macquarie analyst Aldo Mazzaferro believes that Cliffs will need to idle Bloom Lake and some coal production. Even with success coming from the mining sector as a whole, Cliffs is still facing a tough road ahead.

Cliffs Natural Resources has responded poorly to the news as it is down in Friday's session 3.9 percent to $16.76 at last check.

Posted-In: Aldo Mazzaferro MacquarieAnalyst Color News Downgrades Price Target Analyst Ratings

 

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