Cowen Doubles Cliffs Natural Resources Target After Earnings; Still Not A Buy

Cliffs Natural Resources ( CLF ) jumped on Thursday after reporting a surprise first-quarter profit , but the shares were losing ground Friday. Cowen & Co.’s Anthony Rizzuto reiterated a Market Perform rating on the stock today, but doubled his price target, to $6. He writes that Cliffs is well positioned to take advantage of a rapidly improving domestic market for steel, but it remains burdened by a heavy debt load. Read More »