Cliffs Natural Resources (CLF +1.1%) is upgraded to Overweight from Neutral with a $40 price...

|About: Cliffs Natural Resources Inc. (CLF)|By:, SA News Editor

Cliffs Natural Resources (CLF +1.1%) is upgraded to Overweight from Neutral with a $40 price target (up from $35) at J.P. Morgan, which says shares are pricing in 2015 iron ore prices at $110/metric ton, 29% lower than current spot prices. Since mid-September 2012, CLF's peer group is up 17% on average while CLF is down 37% despite a 53% rise in seaborne spot iron ore prices.