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Fly News Breaks for March 19, 2015
CLF
Mar 19, 2015 | 08:24 EDT
JPMorgan lowered its estimates for Cliffs Natural and removed its price target for shares citing the "relentless downward slide" in iron ore prices. At the current seaborne iron ore price of $56.95/mt, Cliffs' 2015 earnings will be negative, JPMorgan says, while adding the iron ore price has further downside. It keeps a Neutral rating on the stock. Shares of Cliffs rose 4c yesterday to $4.58.
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