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Fly News Breaks for April 9, 2015
CLF
Apr 9, 2015 | 08:36 EDT
BMO Capital downgraded Cliffs Natural to Underperform, its sell rating equivalent, from Market Perform saying the iron ore oversupply is "not letting up." BMO expects weakness in the price of iron ore to squeeze the company's cash flow. It cut its price target for shares in half to $4 from $8. BMO also lowered its iron ore forecast prices by 13%-20% for 2015-2018.
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