JP Morgan Reiterates Buy, $40 Target on Cliffs Natural, Adds to 'Focus List'

JP Morgan's Michael Gambardella reiterated his Overweight rating and $40 price target on shares of Cliffs Natural Resources

Monday morning. The analyst also added shares of Cliffs to the firm's "Focus List" following "two recent bearish reports." Gambardella is anticipating some stability in the iron-ore sector will begin to emerge. He believes capacity concerns related to the Great Lakes division are overdone. With shares of Cliffs down 0.5 percent to $18.92 at last check, Gambardella's maintained price target implies potential upside of about 110 percent.