By: Benzinga
UPDATE: Citigroup Cuts PT to $32 on Cliffs Natural Resources on Common and Preferred Offerings
Citigroup maintained Cliffs Natural Resources (NYSE: CLF ) with a Neutral rating and lowered the price target from $36.00 to $32.00. Citigroup noted, "After modeling the announced public offering of common and convertible preferred shares, we are lowering our 2013 estimate to $0.79 from $1.14, 2014 estimate to $2.15 from
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