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Cliffs Natural Resources +2% as Deutsche Bank upgrades to Buy

Jan. 14, 2014 8:12 AM ETCleveland-Cliffs Inc. (CLF) StockCLFBy: Carl Surran, SA News Editor9 Comments
  • Cliffs Natural Resources (NYSE:CLF+2% premarket after Deutsche Bank upgrades shares to Buy from Hold with a $27 price target (up from $22) on valuation and strategic outlook given significant management changes and cost reductions.
  • CLF's acquisition of Consolidated Thompson provides an avenue for long-term growth, has re-oriented CLF to the seaborne iron ore market and directs sales to the Asian market, the firm explains.
  • More than half of its consolidated sales volume is priced based on international seaborne benchmarks but U.S. iron ore contracts provide stable price realizations for CLF, the firm says; uneven performance at its coal business remains a concern.

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