UBS Maintains a 'Buy' on Cliffs Natural Resources (CLF); Cutting Numbers After Disappointing Q4 & Guide

UBS maintains a 'Buy' on Cliffs Natural Resources (NYSE: CLF) price target lowered from $121 to $110.

UBS analyst says, "CLF guided to a disappointing 4Q - we now model $1.71; below our prior est. of $2.75 and consensus $2.67 as U.S. pricing, Canadian volumes, pricing, and costs, and Asia-Pacific vols all were below prior guided ranges. Coal was the lone bright spot, with better than guided vols from the low-vol Pinnacle mine, though investors tracking MSHA shipments will not be surprised."

"We lower our 12e/13e EPS to $9.43/$10.67 from $12.60/$13.28 and we lower our NAV derived price target to $110 from $121, driven by lower realized iron ore estimates. ’13 est. lower on modelling flow-through."

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 $75.18 yesterday.

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