UPDATE: Axiom Capital Management Downgrades Cliffs Natural Resources On Anticipated Downside
In a report published Monday, Axiom Capital Management analyst Gordon L. Johnson II downgraded the rating on Cliffs Natural Resources Inc. (NYSE: CLF) from Hold to Sell, and lowered the price target from $9.00 to $2.00.
In the report, Axiom Capital Management noted, "While we commend CLF on its execution divesting non-core assets (Bloomlake/Logan County Coal) & recognize that a number of fixed contracts (particularly w/ ArcelorMittal) will help in '15, given: a. currency devaluations vs. the USD mean the cost curve for CLF's competitors is lower, b. Essar got the $1.8bn ($800mn in cash) it needs to begin production in 2H15, & c. a number of U.S. steel mills will be net long IO in '15, we see sig. downside on the horizon."
Cliffs Natural Resources closed on Friday at $6.27.
Latest Ratings for CLF
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2022 | Wolfe Research | Downgrades | Outperform | Peer Perform |
| Nov 2021 | Morgan Stanley | Maintains | Equal-Weight | |
| Nov 2021 | Wolfe Research | Initiates Coverage On | Outperform |
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Posted-In: Axiom Capital Management Gordon L. Johnson IIAnalyst Color Downgrades Analyst Ratings
