UPDATE: Credit Suisse Upgrades Cliffs Natural Resources (CLF) to Outperform

Credit Suisse analyst Curt Woodworth upgraded Cliffs Natural Resources (NYSE: CLF) from Neutral to Outperform with a price target of $24.00 (from $21.00).

The analyst comments "Cleveland Cliffs in a short period of time has put together three best in class mining / steel companies, to create a powerhouse steel entity. CLF is now remarkably well balanced with four electric arc mills, eight blast furnaces, and 100% backward integration into iron ore pellet / HBI. The steel product portfolio is diversified across the entire flat rolled market including tin and plate and its high degree of contract exposure (45% of ~17mt annual shipments) provides further earnings stability thru the cycle. CLF balance sheet should have negative net debt by mid-2023 given very strong FCF profile. We upgrade to Outperform and raise TP to $24, based on 6.6x more normalized EBITDA across 2022+23."

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 $18.21 yesterday.

You May Also Be Interested In

• Growth isn't weak enough to truly undercut inflation pressures - BMO
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral
• Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler