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Cliffs Natural rated Underperform at Credit Suisse resumes coverage

Oct. 07, 2016 2:35 PM ETCleveland-Cliffs Inc. (CLF) StockCLFBy: Stephen Alpher, SA News Editor20 Comments
  • The main reason behind the Underperform rating, says analyst Curt Woodworth, is a bearish view of iron ore from his bank's commodity strategists (they're seeing $45 per ton next year, and $40 in 2018).
  • The positive catalysts for Cliffs (CLF -0.1%) are in the rear-view mirror, he says, after the big improvement in unit costs, the contract renewal with Mittal, and successful efforts to repair the balance sheet.
  • Valuing Cliffs on a sum-of-the-parts basis given the low mine life remaining at APIO, Woodworth comes up fair value of $2 per share (vs. current $5.59).

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