Goldman Sachs Downgrades Cliffs Natural Resources (CLF) to Neutral; Inflation Continues While Price Weakens

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Goldman Sachs downgraded Cliffs Natural Resources (NYSE: CLF) from Buy to Neutral with a price target of $39.00 (from $50.00).

Analyst, Sal Tharani, said, "We downgrade CLF and lower our estimates due to higher cost assumptions at its Bloom Lake mine and a weaker pricing outlook for iron ore. As a relatively high cost producer a Buy-rating on CLF requires a higher iron ore price than we are currently forecasting."

FY12 EPS estimate cut from $5.50 to $3.95, FY13 from $7.60 to $5.30 and FY14 from $7.40 to $6.30.

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 $39.91 yesterday, with a 52 week range of $32.25-$81.78.

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