UPDATE: Goldman Sachs Reiterates Buy Rating, Lowers PT for Cliffs Natural Resources

In a company update published earlier today, the Goldman Sachs Group, Inc. reiterated its Buy rating for Cliffs Natural Resources (NYSE: CLF), but lowered its price target from $77.00 to $65.00.

Goldman Sachs went on to say “We are adjusting our commodity price forecasts for 2012 through 2015 in line with updated prices from the global mining team. Iron ore prices are declining an average of 9%, metallurgical coal prices are increasing an average of 15% (with increase weighted towards 2014/15), and we are lowering our pellet premium forecast to a steady $20/mt. Our new spot iron price estimates are $141/$155/$140/$110 for 2012-2014 from $150/$165/$150/$130. Overall, this lowers our EPS forecasts for 2012-2015 an average of 29%. Our new 2012 estimate is lowered to $6.35 from $8.00 and 2013 to $9.25 from $12.75. Our six-month P/E-, EV/EBITDA- and DCF-based target price is lowered to $65 from $77. CLF remains one of our top picks in our metals & mining coverage, and we maintain our Buy rating.”

Cliffs Natural Resources closed on Friday at $47.63.