Cleveland-Cliffs (CLF - Get Report)  shares are rising Tuesday after analysts at B. Riley affirmed a buy rating on the iron-ore mining company but cut their price target to $13 a share from $16. 

The new price target represents 80% upside from the stock's Monday closing price of $7.22. 

The firm is bearish on an "evolving" macro environment and price environment after Platts reported a 35% decline in Atlantic pellet premiums to $40/dmt.

The new price point hurts the company's sales margins by $10/lt annually, according to B. Riley estimates. 

Atlantic pellet prices could stay at these levels for the next several quarters, analyst Lucas Pipes writes. 

Nonetheless, Pipes sees Cleveland-Cliffs as an attractive stock with "substantial upside."

Cleveland-Cliffs shares are rising 1.6% to $7.33.