UPDATE: Axiom Capital Management Downgrades Cliffs Natural Resources On Anticipated Downside

In a report published Monday, Axiom Capital Management analyst Gordon L. Johnson II downgraded the rating on

from Hold to Sell, and lowered the price target from $9.00 to $2.00. In the report, Axiom Capital Management noted, "While we commend CLF on its execution divesting non-core assets (Bloomlake/Logan County Coal) & recognize that a number of fixed contracts (particularly w/ ArcelorMittal) will help in '15, given: a. currency devaluations vs. the USD mean the cost curve for CLF's competitors is lower, b. Essar got the $1.8bn ($800mn in cash) it needs to begin production in 2H15, & c. a number of U.S. steel mills will be net long IO in '15, we see sig. downside on the horizon." Cliffs Natural Resources closed on Friday at $6.27.