Cliffs Natural prices upsized offering at $10.75, but Macquarie out positive

• Cliffs Natural Resources (NYSE:CLF) -4.6% premarket after upsizing its public offering by 5M shares and pricing 55M shares at $10.75 each.
• Macquarie analysts praise the offering, saying it removes the debt burden, positions the company to grow, and should advance the timetable for making an announcement to enter the DRI market to 2017.
• "If management's guidance proves to be accurate, we believe the shares may be worth as much as $20," Macquarie adds.