Iron and coal miner Cliffs Natural Resources Inc ( CLF ) saw its price target and earnings estimates raised on Thursday by analysts at FBR Capital Markets. The analyst said it now sees shares of CLF, which had closed at $65.43 on Wednesday, reaching $81. FBR Capital also raised its earnings estimates for the company, noting it should benefit from rising iron ore prices. The firm currently rates the stock as an “Outperform.” Cliffs Natural Resources shares rose 47 cents, or +0.7%, in premarket trading Thursday. The Bottom Line We removed shares of CLF from our “recommended” list back on Aug. 8, 2008, when the stock was trading at $90.26. The company has a .53% dividend yield, based on last night’s closing stock price of $65.43. The stock has technical support in the $57-$60 price area. If the shares continue the recent move higher, we see overhead resistance around the $68-$76 price levels. We would remain on the sidelines for now. Cliffs Natural Resources Inc ( CLF ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
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Cliffs Natural Resources’ Price Target, Estimates Boosted at FBR Capital (CLF)
