UPDATE: Cowen and Company Upgrades Cliffs Natural Resources to Market Perform, Raises PT as Potential Catalysts Take Shape

In a report published Thursday, Cowen and Company analyst Anthony B. Rizzuto Jr. upgraded the rating on

from Underperform to Market Perform, and raised the price target from $11.00 to $20.00. In the report, Cowen and Company noted, “We have identified several potential catalysts that could have positive implications for Cliffs Natural Resources. In our view, the most important being the possible structural changes that may be implemented by a new management team. We are upgrading CLF to Market Perform with a $20 price target.” Cliffs Natural Resources closed on Wednesday at $22.48.