UPDATE: Credit Suisse Downgrades Cliffs Natural Resources to Underperform, Lowers PT

In a report published Wednesday, Credit Suisse downgraded its rating on Cliffs Natural Resources CLF from Neutral to Underperform, and lowered its price target from $50.00 to $30.00. Credit Suisse noted, “Most iron ore watchers have been shocked to see the spot commodity price fall by 35% in the past 2 months. Like others, we are watching inventory data and a spot commodity price in free fall. Although we feel as though we have a reasonable grasp of what has happened over the past few weeks in the iron ore market, we will not pretend that we know exactly what is going to happen next. We have no new operational insights into CLF's business since the Strategy Day a month ago, so the focus of this report is CLF's unavoidable exposure to the commodity price.” Cliffs Natural Resources closed on Tuesday at $33.68.