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UPDATE: Citi Starts Cliffs Natural Resources (CLF) at Buy

June 6, 2018 6:23 AM EDT
Get Alerts CLF Hot Sheet
Price: $19.67 +1.13%

Rating Summary:
    10 Buy, 10 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 40 | New: 22
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(Updated - June 6, 2018 9:19 AM EDT)

(updated to add analyst comment)

Citi initiates coverage on Cliffs Natural Resources (NYSE: CLF) with a Buy rating and a price target of $11.00.

Analyst Dan Knauff says the company has significant logistical, quality and cost advantages when it comes to providing high quality iron to steel mills in an improved domestic market. The analyst says CLF is the only major independent supplier of iron ore pellets to the domestic market with all sales under longer-term, partially fixed pricing contracts.

Knauff is forecasting an IRR of 18% and NPV of $904 million and notes the company offers more "leverage to steel price than EAF producers with better margins than integrateds" according to a morning research note.

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 $8.29 yesterday.



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