JP Morgan Reiterates Buy, $40 Target on Cliffs Natural, Adds to 'Focus List' - Cleveland-Cliffs (NYSE:CLF)

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JP Morgan's Michael Gambardella reiterated his Overweight rating and $40 price target on shares of Cliffs Natural Resources (NYSE: CLF) 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.

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