Cliffs Natural Resources Stock Rating Reaffirmed by Morgan Stanley (CLF)
Cliffs Natural Resources (NYSE:CLF)‘s stock had its “underweight” rating reaffirmed by investment analysts at Morgan Stanley in a note issued to investors on Thursday, Analyst Ratings Net reports. They currently have a $14.00 price objective on the stock, up from their previous price objective of $12.00. Morgan Stanley’s target price points to a potential downside of 33.93% from the stock’s previous close.
The analysts wrote, “We examine 5 scenarios: 1) Cliffs moves forward with Phase II, with a new partner helping to fund capex; 2) Phase II proceeds without a new partner; 3) all Bloom Lake operations are halted; 4) Cliffs continues to operate only Phase I; 5) Cliffs seeks bankruptcy protection for the Canadian subsidiary, which we view as highly unlikely. Inside, we review each scenario and provide NPV sensitivities, where applicable,”
Shares of Cliffs Natural Resources (NYSE:CLF) traded down 3.11% on Thursday, hitting $20.53. The stock had a trading volume of 2,818,599 shares. Cliffs Natural Resources has a one year low of $15.41 and a one year high of $38.52. The stock has a 50-day moving average of $24.15 and a 200-day moving average of $22.87. The company’s market cap is $3.144 billion. Cliffs Natural Resources also was the target of unusually large options trading activity on Tuesday. Stock traders acquired 38,376 put options on the company. This is an increase of approximately 371% compared to the typical volume of 8,150 put options.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank upgraded shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, January 14th. They now have a $27.00 price target on the stock, up previously from $22.00. Separately, analysts at Brean Capital initiated coverage on shares of Cliffs Natural Resources in a research note to investors on Monday, January 13th. They set a “hold” rating and a $22.00 price target on the stock. Finally, analysts at Zacks upgraded shares of Cliffs Natural Resources from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, January 6th. They now have a $30.00 price target on the stock. Five analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the company. Cliffs Natural Resources has a consensus rating of “Hold” and an average target price of $25.63.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.