Cliffs Natural Resources Shares Are Higher on Tuesday

Shares of Cliffs Natural Resources (CLF) - Get Report soared by more than 30 percent during Tuesday's trading session. This follows news that JPMorgan upgraded the iron ore producer's shares to OVERWEIGHT from NEUTRAL and put a $7 price target on the shares. The firm noted that Cliffs has 'significant near-term earnings growth' as rising steel prices should result in higher pellet prices for the remainder of 2016. Additionally, Cliffs entered into a new long-term iron ore supply agreement with ArcelorMittal which will run through 2026.

This article was written by a staff member of TheStreet.