B. Riley FBR analyst Lucas Pipes lowered his price target for Cleveland-Cliffs to $13 from $16 to reflect the "evolving" macro environment and price environment. Last month, Platts reported a 35% decline in Atlantic pellet premiums to $40/dmt, the analyst points out. The analyst estimates this reduction lowered Cleveland-Cliffs' sales margins by approximately $10/lt on an annual basis. Until we see a material improvement in steel mill economics, Atlantic pellet premiums pricing could stay at these current levels for the next several quarters, Pipes tells investors in a research note. Nonetheless, the analyst continues to believe that Cleveland-Cliff is an attractive stock with "substantial upside even in the current price environment." He keeps a Buy rating on the shares.