Citigroup Inc. reissued their neutral rating on shares of Cliffs Natural Resources (NYSE:CLF) in a research report released on Thursday morning, ARN reports. Citigroup Inc. currently has a $24.00 price objective on the stock, up from their previous price objective of $20.00.
“CLF is scheduled to report earnings after the market close Weds. October 24th, with a conference call the next morning at 10:00am ET. After marking our model to market for more resilient iron ore pricing in 3Q and increasing our 4Q spot iron ore estimate to $121/tonne from $115/tonne, we are raising our EPS estimate for 3Q to $0.78 from $0.56 vs. consensus of $0.64 on revenues of $1,510 mln and EBITDA of $391 mln and increasing our full year estimate to $2.83 from $2.52. Based on these revisions, our target price increases to $24 from $20.,” the firm’s analyst wrote.
Cliffs Natural Resources (NYSE:CLF) traded up 4.17% on Thursday, hitting $23.98. The stock had a trading volume of 1,983,741 shares. Cliffs Natural Resources has a 52 week low of $15.41 and a 52 week high of $45.82. The stock has a 50-day moving average of $21.86 and a 200-day moving average of $20.03. The company’s market cap is $3.672 billion.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Thursday, July 25th. The company reported $0.82 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.73 by $0.09. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company posted $1.81 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. Analysts expect that Cliffs Natural Resources will post $2.76 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CLF. Analysts at Cowen and Company upgraded shares of Cliffs Natural Resources from an underperform rating to a market perform rating in a research note to investors on Thursday. They now have a $20.00 price target on the stock, up previously from $11.00. They noted that the move was a valuation call. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Cliffs Natural Resources in a research note to investors on Wednesday, October 16th. They set a market perform rating on the stock. Finally, analysts at Zacks upgraded shares of Cliffs Natural Resources from an underperform rating to a neutral rating in a research note to investors on Tuesday, September 24th. They now have a $23.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. Cliffs Natural Resources presently has a consensus rating of Hold and an average target price of $25.39.
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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