Deutsche Bank Upgrades Cliffs Natural Resources (CLF) to Buy, Sees 33% Upside

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Deutsche Bank upgraded Cliffs Natural Resources (NYSE: CLF) from Hold to Buy with a price target of $48.00 (from $40.00), suggesting 33% upside.

The rise is iron ore prices/managment action should help Cliffs outperform in 2013, the firm notes.

For an analyst ratings summary and ratings history on Cliffs Natural Resources click here. For more ratings news on Cliffs Natural Resources click here.

Shares of Cliffs Natural Resources closed at $36.14 yesterday, with a 52 week range of $28.05-$78.85.

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