Dahlman Rose Reiterates Buy on Cliffs Natural Resources

Dahlman Rose is out with its report today on Cliffs Natural Resources CLF, reiterating Buy. In a note to clients, Dahlman Rose writes, "We reiterate our Buy rating on the shares with a $120 price target. Given that the issuance was in-line with our expectations, it is not necessary for us to adjust our earnings estimates. We derive our price target by applying a 5x EV/EBITDA multiple to our 2012 estimate. This multiple is on the lower end of where the shares have historically traded. We would continue to view Cliffs Natural Resources as one of our top picks in the metals and mining sector." At the time of posting, shares of CLF were trading pre-market at $84.85, down 2.30% from Monday's close.