UPDATE: Nomura Securities Upgrades Cliffs Natural Resources (CLF) to Buy; Iron Ore Bottoms, Catalysts Rise
Article
Related Press Releases (3)
Related Articles (1)
Related SEC Filings (1)
Stock Quotes (1)
Comments (0)
Tweet
Send to a Friend
Get Alerts CLF Hot Sheet
Price: $21.06 +1.79%
Rating Summary:
6 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 33 | New: 12
Rating Summary:
6 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 33 | New: 12
Trade CLF Now!
(Updated - September 13, 2012 9:29 AM EDT)
Nomura Securities upgraded Cliffs Natural Resources (NYSE: CLF) from Neutral to Buy. PT lowered from $68 to $54.
Analyst, Curt Woodworth, said, "...we believe iron ore prices have reached a short-term inflection point as steel product/raw material destocking comes to an end in China and steel demand growth recovers over the next two quarters, driven by recent infrastructure stimulus and moderate improvements in the property market. We believe investors have very low expectations regarding CLF’s ability to meet its volume and cost targets at Bloom Lake owing to a string of disappointments during 2012. We believe CLF is on track and fully expect it to safeguard the dividend payment under most iron ore scenarios over the next two years. CLF’s underperformance has been driven by both its high correlation to a free falling iron ore price, company-specific operational missteps and reduced earnings guidance."
Q3 EPS estimate lowered from $2.15 to $1.92, FY12 from $7.15 to $6.30 and FY13 from $7.80 to $6.75.
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 $40.62 yesterday, with a 52 week range of $32.25-$80.15.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Nomura Securities upgraded Cliffs Natural Resources (NYSE: CLF) from Neutral to Buy. PT lowered from $68 to $54.
Analyst, Curt Woodworth, said, "...we believe iron ore prices have reached a short-term inflection point as steel product/raw material destocking comes to an end in China and steel demand growth recovers over the next two quarters, driven by recent infrastructure stimulus and moderate improvements in the property market. We believe investors have very low expectations regarding CLF’s ability to meet its volume and cost targets at Bloom Lake owing to a string of disappointments during 2012. We believe CLF is on track and fully expect it to safeguard the dividend payment under most iron ore scenarios over the next two years. CLF’s underperformance has been driven by both its high correlation to a free falling iron ore price, company-specific operational missteps and reduced earnings guidance."
Q3 EPS estimate lowered from $2.15 to $1.92, FY12 from $7.15 to $6.30 and FY13 from $7.80 to $6.75.
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 $40.62 yesterday, with a 52 week range of $32.25-$80.15.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Goldman Sachs Upgrades Meritor (MTOR) to Buy
- Wells Fargo Downgrades Ruby Tuesday (RT) to Market Perform
- Goldman Sachs Upgrades WNS (Holdings) (WNS) to Buy
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, Analyst PT Change, Hot Upgrades, UpgradesRelated Entities
Nomura, Dividend, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
