BMO Capital Markets downgraded shares of Cliffs Natural Resources (NYSE: CLF) from an outperform rating to a market perform rating in a report issued on Monday. They currently have $27.00 target price on the stock, down from their previous target price of $50.00.

“CLF has issued 9M ordinary shares and 27M depositary shares. Whilst strengthening the balance sheet, shareholders are effectively being asked to pay for the company’s poor performance. CLF sees no improvement to costs at Bloom Lake near term, forecasting cash costs of US$85–90/t in 2013. Capex for 2013 has increased to US$800–850M from US$700–800M previously. Prudently, CLF has significantly reduced the dividend to US$0.15 per quarter.,” the firm’s analyst commented.

CLF has been the subject of a number of other recent research reports. Analysts at Citigroup cut their price target on shares of Cliffs Natural Resources to $32.00 in a research note to investors on Tuesday, February 19th. Separately, analysts at JPMorgan Chase upgraded shares of Cliffs Natural Resources from a neutral rating to an overweight rating in a research note to investors on Tuesday, February 19th. They now have a $40.00 price target on the stock, up previously from $35.00. Finally, analysts at CIBC reiterated a sector perform rating on shares of Cliffs Natural Resources in a research note to investors on Thursday, February 14th. They now have a $45.00 price target on the stock, down previously from $52.00.

Cliffs Natural Resources traded up 3.59% on Monday, hitting $24.55. Cliffs Natural Resources has a 52-week low of $23.56 and a 52-week high of $73.63. The stock’s 50-day moving average is currently $32.58. The company’s market cap is $3.499 billion.

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