Cliffs Natural Resources (NYSE:CLF)‘s stock had its “neutral” rating reiterated by research analysts at Citigroup Inc. in a report released on Thursday, American Banking & Market News reports. They currently have a $24.00 price target on the stock, up from their previous price target of $20.00. Citigroup Inc.’s price target points to a potential upside of 6.76% from the company’s current price.
The analysts wrote, “CLF is scheduled to report earnings after the market close Weds. October 24th, with a conference call the next morning at 10:00am ET. After marking our model to market for more resilient iron ore pricing in 3Q and increasing our 4Q spot iron ore estimate to $121/tonne from $115/tonne, we are raising our EPS estimate for 3Q to $0.78 from $0.56 vs. consensus of $0.64 on revenues of $1,510 mln and EBITDA of $391 mln and increasing our full year estimate to $2.83 from $2.52. Based on these revisions, our target price increases to $24 from $20.”
Several other analysts have also recently commented on the stock. Analysts at Cowen and Company upgraded shares of Cliffs Natural Resources from an “underperform” rating to a “market perform” rating in a research note to investors on Thursday. They now have a $20.00 price target on the stock, up previously from $11.00. They noted that the move was a valuation call. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Cliffs Natural Resources in a research note to investors on Wednesday. They set a “market perform” rating on the stock. Finally, analysts at Zacks upgraded shares of Cliffs Natural Resources from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, September 24th. They now have a $23.00 price target on the stock. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $25.39.
Shares of Cliffs Natural Resources (NYSE:CLF) traded up 3.56% on Thursday, hitting $23.28. The stock had a trading volume of 4,610,751 shares. Cliffs Natural Resources has a 52-week low of $15.41 and a 52-week high of $46.50. The stock’s 50-day moving average is $21.76 and its 200-day moving average is $19.98. The company’s market cap is $3.565 billion.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.82 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.73 by $0.09. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company posted $1.81 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. On average, analysts predict that Cliffs Natural Resources will post $2.70 earnings per share for the current fiscal year.
Cliffs Natural Resources Inc is an international mining and natural resources company. The Company is an iron ore producer and a producer of metallurgical coal.
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