Cliffs Natural Resources Rating Reiterated by Citigroup Inc. (CLF)
Cliffs Natural Resources (NYSE:CLF)‘s stock had its “neutral” rating restated by stock analysts at Citigroup Inc. in a report issued on Thursday, Analyst Ratings News reports. They currently have a $24.00 price target on the stock, up from their previous price target of $20.00. Citigroup Inc.’s target price would suggest a potential upside of 6.76% from the company’s current price.
The analysts wrote, “CLF is scheduled to report earnings after the market close Weds. October 24th, with a conference call the next morning at 10:00am ET. After marking our model to market for more resilient iron ore pricing in 3Q and increasing our 4Q spot iron ore estimate to $121/tonne from $115/tonne, we are raising our EPS estimate for 3Q to $0.78 from $0.56 vs. consensus of $0.64 on revenues of $1,510 mln and EBITDA of $391 mln and increasing our full year estimate to $2.83 from $2.52. Based on these revisions, our target price increases to $24 from $20.”
A number of other firms have also recently commented on CLF. Analysts at Cowen and Company upgraded shares of Cliffs Natural Resources from an “underperform” rating to a “market perform” rating in a research note to investors on Thursday. They now have a $20.00 price target on the stock, up previously from $11.00. They noted that the move was a valuation call. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Cliffs Natural Resources in a research note to investors on Wednesday. They set a “market perform” rating on the stock. Finally, analysts at Zacks upgraded shares of Cliffs Natural Resources from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, September 24th. They now have a $23.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the company’s stock. Cliffs Natural Resources presently has a consensus rating of “Hold” and a consensus price target of $25.39.
Shares of Cliffs Natural Resources (NYSE:CLF) traded up 2.85% during mid-day trading on Thursday, hitting $23.12. The stock had a trading volume of 5,421,500 shares. Cliffs Natural Resources has a 52 week low of $15.41 and a 52 week high of $46.50. The stock has a 50-day moving average of $21.76 and a 200-day moving average of $19.98. The company’s market cap is $3.540 billion.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.09. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts expect that Cliffs Natural Resources will post $2.70 EPS for the current fiscal year.
Cliffs Natural Resources Inc is an international mining and natural resources company. The Company is an iron ore producer and a producer of metallurgical coal.
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