UBS Maintains a 'Buy' on Cliffs Natural Resources (CLF); Divesting Non-Core Assets

July 11, 2012 12:02 PM EDT
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Price: $8.73 -3.11%

Rating Summary:
    3 Buy, 12 Hold, 12 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS maintains a 'Buy' on Cliffs Natural Resources (NYSE: CLF) price target of $83.00.

Analyst, Shneur Z. Gershuni, makes note of CLF's announcement to to sell its 45% economic interest in the Sonoma joint venture coal mine located in Queensland, Australia to QCoal Sonoma Pty Ltd.

The assets to be sold include Cliffs' interests in the Sonoma mine along with its ownership of the affiliated wash plant. Upon completion of the transaction, Cliffs expects to collect approximately AUD$141 million in cash proceeds. The Company anticipates the transaction to close during the fourth quarter of 2012.

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 $46.03 yesterday.

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