Goldman Sachs Removes 'Sell' Rating on Cliffs Natural Resources (CLF); Risk/Reward More Balanced

March 27, 2013 6:50 AM EDT
Get Alerts CLF Hot Sheet
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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Goldman Sachs upgraded Cliffs Natural Resources (NYSE: CLF) from Sell to Neutral while maintaining a price target of $20 as the stock reached their downside price target.

Since Goldman downgraded the stock, Cliffs Natural has cut its dividends, issued new equity, written down its Canadian assets and idled its high-cost pellet plant at Wabush. Shares are down 30% since being added to Goldman's Sell List on Nov. 20, 2012 and down 70% over the last 12 months.

"After recent underperformance, near-term risk-reward appears more balanced and thus we upgrade the stock."

NOTE: The Goldman upgrade comes in opposition to a downgrade of Cliffs Natural to Underweight at Morgan Stanley today.

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 $21.43 yesterday.

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