In a report issued Friday, Macquarie downgraded its rating of Cliffs Natural Resources Inc. 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 of the downgrade as it is down in Friday's session 3.9 percent to $16.76 at last checked trade.
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