UPDATE: Dahlman Rose Lowers Cliffs Natural Resources' PT

According to a research report published this morning, Dahlman Rose has lowered Cliff Natural Resources' CLF PT from $90 to $85. In the report, Dahlman Rose said, "CLF reported 1Q12 adjusted EPS (excluding the impact of the recognition of Australian MRRT and other tax related items) of $0.85/sh vs. our estimate of $1.00 and consensus of $1.10. Variance from our estimate is attributed to higher than anticipated operating costs in Eastern Canada and higher than anticipated SG&A expenses. CLF reported higher sales volumes vs. 1Q11 across all reporting segments, citing strength in global steel demand, however revenues were overshadowed by margin compression in its iron ore operating segments." Dahlman Rose maintains its Buy rating on Cliffs Natural Resources, which closed yesterday at $63.54.