UPDATE: Macquarie Upgrades Cliffs Natural Resources
In a report released Monday, Macquarie analyst Aldo Mazzaferro upgraded Cliffs Natural Resources (NYSE: CLF) from Underperform to Neutral and raised its price target from $10 to $17.
Analysts at Macquarie favor the positive outcome on results in the company's proxy battle on July 29. Cliffs Natural Resources gave guidance of recovery in its U.S. Iron Ore division in the first half of 2014 and reported cost reductions in its Eastern Canada mine in the company's most recent quarter.
The $17 price target is given by EPS 2014/2015/2016 estimates of $0.30/$0.45/$0.70 from its previous $10/$0.25/$0.45, respectively.
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