Cliffs Natural Resources (CLF +4.1%) is moving higher today, but KeyBanc expects the stock to...

Cliffs Natural Resources (CLF +4.1%) is moving higher today, but KeyBanc expects the stock to remain static ~$20 given its bearish view about iron ore prices, driven by the expectation of large new projects to hit the global market during 2013-15; the firm believes as long as this view remains dominant, CLF shares "will lack any meaningful upside catalyst" despite strong measures to improve liquidity.