S&P Capital IQ Reiterates its STRONG BUY Rating on Cliffs Natural Resources

October 29 00:00 2011

New York, October 29 (RainbowNewsLine.com) – Analyst Leo Larkin of S&P Capital IQ reiterates his STRONG BUY rating on the shares of Cliffs Natural Resources (NYSE: CLF), while raising his estimates for the company. The 12-month target price is set to $115.

Analyst Leo Larkin, in a research note published yesterday mentions that the company has reported its Q3 EPS ahead of the estimates and the consensus, reflecting better than expected sales and unusually low tax rate. The inclusion of Consolidated Thomson for a full year and higher coal sales will counteract an expected slowdown in iron ore, the analyst adds. The EPS estimates for 2011 and 2012 have been raised from $12.17 to $12.99 and from $13.20 to $13.51, respectively.