UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Cliffs Natural Resources

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Cliffs Natural Resources

, but lowered its price target from $60.00 to $50.00. BMO Capital noted, “There likely remains some investor concern on progress at the Eastern Canadian operations and CLF remains a higher risk iron ore play due to its higher position on the cost curve, but BMO Research expects some stability to emerge in early 2013.” Cliffs Natural Resources closed on Thursday at $42.69.