Goldman Sachs reported on Tuesday that it has reduced its price target on international mining and natural resources company, Cliffs Natural Resources Inc (CLF).
The firm has maintained a “Sell” rating for the company, and has lowered the company’s price target from $24 to $20. This price target suggests that the stock remain flat at its current price of $20.28.
An analyst from the firm commented, “despite the stock declining 80% since late May 2011 we see an additional 8% downside to our target price as iron ore prices have started to roll over again.”
The analyst cites low iron ore prices and the inability to control costs at its Bloom Lake mine as part of the headwinds the company continues to face.
Cliffs Natural Resources shares were down -$1.42, or -6.52% during Tuesday morning trading. The stock has declined -72% in the past year.
The Bottom Line
Shares of Cliffs Natural Resources Inc (CLF) have a % yield, based on Tuesday morning’s price of $
Cliffs Natural Resources Inc (CLF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 0.0 out of 5 stars.