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Cliffs Natural Resources (CLF) -11.5% premarket after shares are downgraded to Underweight with...
Wednesday, March 27, 8:02 AM ET
Cliffs Natural Resources (CLF) -11.5% premarket after shares are downgraded to Underweight with a $14 target price (down from $36) at Morgan Stanley. Credit Suisse cuts its target price to $10 from $30, saying CLF needs to raise at least $2.3B to maintain a 2.5x debt/EBITDA ratio. Goldman Sachs' removal of its Sell tag (it's now rated Neutral) isn't providing a lifeline.
