Cliffs Natural Resources Inc (CLF), a mining company, saw its stock go up on Friday following an upgrade by analysts.
Analysts for Macquarie upgraded Cliffs Natural Resources from a “Neutral” rating to an “Outperform” rating on Friday. The firm said that it expects 2017 and 2018 to be better years for the company as steel prices bounce back.
Cliffs Natural Resources also got a change in price target from the Macquarie analysts. The new price target is $7.50, which is almost double the previous price target of $4. The firm also noted that the company is focused on reducing debt and increasing its market share, reports TheStreet.com.
Cliffs Natural Resources announced yesterday that it will be reopening one of its mines earlier than expected. Included in this announcement was an expected increase in sales volume from 17.5 million long tons to 18 million long tons in 2016.
CLF shares were up 3% as of Friday morning.
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