UPDATE: Citigroup Raises PT on Cliffs Natural Resources on 3Q Preview, Raised Estimates

In a report published Thursday, Citigroup analyst Brian Yu reiterated a Neutral rating on Cliffs Natural Resources CLF, and raised the price target from $20.00 to $24.00. In the report, Citigroup noted, “CLF is scheduled to report earnings after the market close Weds. October 24th, with a conference call the next morning at 10:00am ET. After marking our model to market for more resilient iron ore pricing in 3Q and increasing our 4Q spot iron ore estimate to $121/tonne from $115/tonne, we are raising our EPS estimate for 3Q to $0.78 from $0.56 vs. consensus of $0.64 on revenues of $1,510 mln and EBITDA of $391 mln and increasing our full year estimate to $2.83 from $2.52. Based on these revisions, our target price increases to $24 from $20.” Cliffs Natural Resources closed on Wednesday at $22.41.