CLF Stock Falls on Cliffs Natural Resources Downgrade

by Karl Utermohlen | March 4, 2014 1:23 pm

Cliffs Natural Resources (CLF[1]) received a couple of downgrades that saw CLF stock drop over 2% on Tuesday.

clf stock cliffs natural resources CLF Stock Falls on Cliffs Natural Resources Downgrade[2]Citigroup downgraded[3] its price target on the company from $26 to $22 on March 3. Analysts’ main reason for downgrading CLF stock is the spot price for iron ore which could make Cliffs Natural Resources an attractive buy.

Wells Fargo also downgraded[4] CLF stock from Market Perform to Underperform, lowering its valuation range from $19-$24 to $12-$14. The firm lowered its estimated 2014 EPS from $1.75 to $0.55 due to weakening global spot pricing due to a slowdown in China along with excess inventories and growing supply from low cost miners.

CLF stock is down about 2.6% Tuesday.

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