See feature article below: Cliffs Natural Resources Inc. (NYSE: CLF)
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Report For: Cliffs Natural Resources Inc. (NYSE: CLF)
CLF is a mining and natural resources company that produces and supplies iron ore. The company operates five iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. CLF shares are up 33% today, at $4.11 on news that the company stock has been upgraded by JP Morgan and the announcement of a 10 year supply deal with ArcelorMittal, its biggest customer.
JPMorgan’s Michael Gambardella and team upgraded shares of Cliffs Natural Resources (CLF) this morning—and Cliffs’ deal to supply iron to ArcelorMittal (MT) through 2026 announced this morning makes them look clairvoyant. From their Cliffs Natural Resources note:
Bloomberg News
We are upgrading Cliffs to Overweight from Neutral and reinstating a December 2016 price target at $7. We believe Cliffs has significantly higher near-term earnings growth as rising steel sheet prices should lead to higher realized pellet prices (and earnings) for the remaining quarters in 2016 given the pricing mechanism of Cliffs’ U.S. Iron Ore contracts. Management’s guidance still assumes a hot-rolled coil price of $450/t versus the current spot of $610/t. In addition, given the symbiotic nature of Cliffs’ relationship with its customers, we are confident that the pellet supply contracts with ArcelorMittal (Cliffs’ largest customer) expiring near the end of this year will be renewed favorably for both parties and is not a major overhang as many have suggested. Cliffs’ USIO operations continue to be a defensible business model with high barriers to entry thanks to the St. Lawrence Seaway and limited competition from the likes of Essar Steel Minnesota. With a 37% short interest in the stock, we think that these positive merits are underappreciated by the market and the risk is skewed to the upside in the near term.
Rarely are pieces of an analyst’s thesis proven correct so quickly. With the announcement of the deal with ArcelorMittal, shares of Cliffs Natural Resources have surged 36% to $4.19 at 10:40 a.m. ArcelorMittal has gained 4.2% to $4.92. develops and markets video display processing technology for digital video applications that demand the very highest quality images at design centers around the world. PXLW shaes are up 16% this morning at $2.02 after the company announced a new smartphone utilizing its HD mobile video chip.
Source – Barrons / Ben Levisohn
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