- 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.