Cliffs (CLF) Dividend Cut Highlights Credibility Issue, Says Wells Fargo

Wells Fargo reiterated an Underperform rating on Cliffs Natural Resources (NYSE: CLF). Earlier Cliffs said it would eliminate its quarterly dividend. Analyst Sam Dubinsky said this isn't a surprise given deteriorating market conditions, but he thinks it highlights credibility issues with management and the company's CEO, who said he believes the dividend would be secure. Overall, Dubinsky continues to sees Cliff's core business as structurally challenged.

For an analyst ratings summary and ratings history on Cliffs Natural Resources click here. For more ratings news on Cliffs Natural Resources click here.

Shares of Cliffs Natural Resources closed at $7.49 yesterday.

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