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Cliffs Natural Resources (CLF) flat on downgrade

Thursday,06 December,2012

Cliffs Natural Resources Inc (NYSE: CLF) shares took on three cents to $29.56, on word the company is downgraded with a reduced $32 target price (from $45) by RBC Capital because of the firm’s more subdued outlook for coal and iron ore, the loss of growth at Bloom Lake, expectation of further negative guidance revisions at year-end, and a possible dividend cut. Much of the bad news is already priced in, but upside is limited. Share volume was 507,000




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