The shares responded by tumbling 14% to $18.46 after Morgan Stanley analyst Evan Kurtz downgraded Cliffs from equalweight to underweight and slashed his price target by 61% to $14 from $36, leaving Cliffs with a market cap of $2.95 billion, based on 159.5 million shares outstanding. The 52-week rang
Date: Mar 27, 2013
Category: Business
Source: Google
US Stocks Fall on Europe Concern, Pending Home Sales
tanley cut its recommendation onshares of the biggest U.S. iron-ore producer to underweight, theequivalent of sell, from equal weight. The companys iron-orebusiness will be halved in the coming years because of increasedsupply in the Great Lakes area, analysts led by Evan Kurtz wrotein a note.
Analysts led by Evan Kurtz at Morgan Stanley in New Yorkexpect the price of the steelmaking ingredient to drop to $110 aton as about 13 million tons of iron-ore pellet supply comesonline in the North American Great Lakes region, a 60 million-ton market, they wrote in a note today. Iron ore trade