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Cliff Natural Resources (CLF -0.2%) is downgraded with a reduced $32 target price (from $45) by...

Cliff Natural Resources (CLF -0.2%) 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.
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