Cliffs Natural Resources (NYSE: CLF)‘s stock had its “neutral” rating restated by equities researchers at Bank of America in a report issued on Monday. They currently have a $25.00 target price on the stock, down from their previous target price of $30.00.
The analysts wrote, “Global iron ore prices have nosedived in recent weeks, down 16% since Feb 20, with the IODEX benchmark down to $134.25/t vs our commodity team’s 2013E forecast of $120/t. We are constructive near-term and model an average $135/t in H113E on weather-related supply constraints and renewed China demand post new year but anticipate new capacity could depress prices in H213E and forecast a $110/t price. As we expect iron ore prices continue to retreat as the year progresses with the arrival of new capacity, already planned and financed from various suppliers, we wanted to revisit our scenario analysis for Cliffs earnings and debt metrics.”
Shares of Cliffs Natural Resources (NYSE: CLF) traded down 1.18% during mid-day trading on Monday, hitting $21.83. Cliffs Natural Resources has a one year low of $21.35 and a one year high of $73.63. The stock’s 50-day moving average is currently $29.66. The company’s market cap is $3.111 billion.
Cliffs Natural Resources (NYSE: CLF) last posted its quarterly earnings results on Tuesday, February 12th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.07. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the company posted $1.30 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts expect that Cliffs Natural Resources will post $1.75 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at CIBC cut their price target on shares of Cliffs Natural Resources from $45.00 to $42.00 in a research note to investors on Wednesday, March 13th. They now have a “sector perform” rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Cliffs Natural Resources from $30.00 to $28.00 in a research note to investors on Tuesday, March 12th. They now have a “sector perform” rating on the stock. Finally, analysts at Cowen reiterated a “sell” rating on shares of Cliffs Natural Resources in a research note to investors on Tuesday, March 12th.
Two equities research analysts have rated the stock with a buy rating, eighteen have issued a hold rating, and three have given a sell rating to the stock. The stock presently has a consensus rating of “hold” and a consensus price target of $32.29.
Cliffs Natural Resources Inc. is an international mining and natural resources company. The Company is an iron ore producer and a producer of metallurgical coal.
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