| UPDATE: Axiom Capital Management Downgrades Cliffs Natural Resources On Anticipated Downside | |
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In a report published Monday, Axiom Capital Management analyst Gordon L. Johnson II downgraded the rating on Cliffs Natural Resources Inc. (NYSE: CLF) from Hold to Sell, and lowered the price target from $9.00 to $2.00.
In the report, Axiom Capital Management noted, "While we commend CLF on its execution divesting non-core assets (Bloomlake/Logan County Coal) & recognize that a number of fixed contracts (particularly w/ ArcelorMittal) will help in '15, given: a. currency devaluations vs. the USD mean the cost curve for CLF's competitors is lower, b. Essar got the $1.8bn ($800mn in cash) it needs to begin production in 2H15, & c. a number of U.S. steel mills will be net long IO in '15, we see sig. downside on the horizon."
Cliffs Natural Resources closed on Friday at $6.27.
Latest Ratings for CLF
Date | Firm | Action | From | To |
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Mar 2015 | Axiom | Downgrades | Neutral | Sell | Feb 2015 | Deutsche Bank | Maintains | | Hold | Jan 2015 | JP Morgan | Maintains | | Neutral |
View More Analyst Ratings for CLF
View the Latest Analyst Ratings
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CLIFFS Natural Resources
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PRODUCER |
CODE : CLF |
ISIN : US18683K1016 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
CLIFFS Natural Res is a iron producing company based in United states of america. CLIFFS Natural Res produces iron, coal in Australia, in Brazil and in Canada, and holds various exploration projects in Canada. Its main assets in production are WABUSH MINE, EMPIRE AND TILDEN MINES, HIBBING TACONITE, NORTHSHORE MINE, UNITED TACONITE, OAK GROVE MINE, GREEN RIDGE MINE and PINNACLE MINE in Canada, AUSTRALIAN IRON ORE and SONOMA in Australia and AMAPA in Brazil and its main exploration properties are MT JACKSON J1 in Australia and DIAGNOS, WAWA, FREEWEST, MC FAULD'S LAKE, MACFADYEN, WAWA CLAIMS and BIG DADDY in Canada. CLIFFS Natural Res is listed in France, in Germany and in United States of America. Its market capitalisation is US$ 3.8 billions as of today (€ 3.5 billions). Its stock quote reached its highest recent level on May 16, 2008 at US$ 99.17, and its lowest recent point on January 15, 2016 at US$ 1.20. CLIFFS Natural Res has 297 400 968 shares outstanding. |