11:32 am ET ... CLIFFS NATURAL RESOURCES INC. (CLF 47.46) DOWN 3.42,

BOA/MERRILL CUTS CLIFF NATURAL RES (CLF) TO NEUTRAL FROM BUY, $84 TGT

TO $60... Analyst Timna Tanners tells salesforce downgrades reflects more

cautious outlook on iron ore. Says while much of potential excess supply and

more modest demand seem priced into shares, sees limited upside amid likely

further iron ore pressure. Says confident in co.'s ability to lower costs and add

capacity but a weaker iron ore price trumps these accomplishments. Thinks

sustained cash flow strength and a 5% dividend yld rest on a certain iron ore

price, which may be at risk. New estimates use the forward curve at 120/t for

2013 est iron ore vs. prior 140/t est. S.Trombino