Deutsche Bank reported on Tuesday that they have upgraded mining company, Cliffs Natural Resources Inc(CLF) to a “Buy.”
The firm has increased their rating for CLF from a “Hold” to a “Buy,” and has increased the company’s price target from $40 to $48. This price target suggests a 33% increase from the stock’s current price of $36.14.
Analysts see the company succeeding in 2013 with iron ore prices and action from management.
Cliffs Natural Resources shares were down 41 cents, or -1.13% during premarket trading Tuesday. The stock has declined -48% in the past year.
The Bottom Line
Shares of Cliffs Natural Resources (CLF) have a 6.92% dividend yield, based on last night’s closing stock price of $36.14. The stock has technical support in the $30-$33 price area. If the shares can firm up, we see overhead resistance around the $39-$40 price levels.
Cliffs Natural Resources Inc(CLF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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