Goldman Sachs Cuts PT on Cliffs Natural Resources (CLF), Maintains Sell

March 19, 2013 11:21 AM EDT
Get Alerts CLF Hot Sheet
Price: $9.14 -3.08%

Rating Summary:
    3 Buy, 12 Hold, 12 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Goldman Sachs today maintained a Sell rating on Cliffs Natural Resources (NYSE: CLF) and lowered its price target to $20.00 (from $24.00).

"Despite the stock declining 80% since late May 2011 we see an additional 8% downside to our target price as iron ore prices have started to roll over again," said analyst Sal Tharani.

Cliffs Natural Resources has more problems than just weak iron ore prices, thinks Tharani. The most notable of these problems is the inability to control costs at its Bloom Lake mine.

For an analyst ratings summary and ratings history on Cliffs Natural Resources (NYSE: CLF) click here. For more ratings news on Cliffs Natural Resources click here.

Shares of Cliffs Natural Resources closed at $21.77 yesterday.

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