UBS Chops Estimates & PT on Cliffs Natural Resources (CLF); Possible Downside Ahead - Canadian Price Guidance Unrealistic
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Price: $20.37 -1.21%
Rating Summary:
6 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CLF Now!
UBS maintains a 'Buy' on Cliffs Natural Resources (NYSE: CLF) price target of $64.00 (from $75.00).
Analyst, Shneur Z. Gershuni, said, "CLF earnings $1.81/shr, below our $2.02 est but above consensus $1.77. That said, we view the quarterly results negatively as choppy items such as misc. income and 1x tax impacts drove the beat (choppy items represent $0.34). Canadian costs were the biggest source of disappointment. We had expected considerable improvement on fixed costs as management guided Q2-Q4 ship ments as strong. We had also hoped for more improvement q/q at Bloom Lake, specifically, as 1Q results were hampered by a fire outage. Asia-Pac was a lone bright spot with volumes and margins beating our estimates."
FY12 EPS estimate chopped from $7.16 to $6.26 and FY13 from $8.50 to $7.11.
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 $41.15 yesterday, with a 52 week range of $40.66-$98.61.
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Analyst, Shneur Z. Gershuni, said, "CLF earnings $1.81/shr, below our $2.02 est but above consensus $1.77. That said, we view the quarterly results negatively as choppy items such as misc. income and 1x tax impacts drove the beat (choppy items represent $0.34). Canadian costs were the biggest source of disappointment. We had expected considerable improvement on fixed costs as management guided Q2-Q4 ship ments as strong. We had also hoped for more improvement q/q at Bloom Lake, specifically, as 1Q results were hampered by a fire outage. Asia-Pac was a lone bright spot with volumes and margins beating our estimates."
FY12 EPS estimate chopped from $7.16 to $6.26 and FY13 from $8.50 to $7.11.
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 $41.15 yesterday, with a 52 week range of $40.66-$98.61.
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