Cliffs Natural Resources Downgraded at BofA/Merrill Lynch (CLF)
Bank of America/Merrill Lynch reported on Wednesday that it has downgraded mining company, Cliffs Natural Resources Inc (CLF).
The firm has lowered its rating on CLF from “Neutral” to “Underperform,” and has given the company a $16 price target. This price target suggests a -14% decline from the stock’s current price of $18.59.
Analysts have downgraded CLF due to it being leveraged to lower met coal prices.
Cliffs Natural Resources shares were down 35 cents, or -1.88% during premarket trading Wednesday. The stock is down -52% YTD.
The Bottom Line
Shares of Cliffs Natural Resources Inc (CLF) have a 3.23% yield, based on Tuesday’s closing price of $18.59.
Cliffs Natural Resources Inc (CLF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.
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