UPDATE: KeyBanc Downgrades Cliffs Natural Resources (CLF) to Sector Weight

KeyBanc analyst Philip Gibbs downgraded Cliffs Natural Resources (NYSE: CLF) from Overweight to Sector Weight with a price target of $20.00 (from $20.00).

The analyst comments "We downgrade shares of Cleveland-Cliffs Inc. (CLF) to SW from OW, with shares near our prior $20 PT and downside EBITDA/EPS revisions on margins. Since our November 19, 2020, upgrade, CLF shares have returned +102% vs. the SLX of +60% and the S&P 500 of +17%. Despite management creating a more defensible business model via backward integration through savvy M&A, fortifying balance sheet integrity, and offering shareholder returns potential in late 2021-2022, we downgrade to SW as we see shares fully valued currently."

For an analyst ratings summary and ratings history on Cliffs Natural Resources click here. For more ratings news on Cliffs Natural Resources click here.

Shares of Cliffs Natural Resources closed at $17.98 yesterday.

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