Deutsche Bank is out with its report today on Cliffs Natural Resources CLF, maintaining Buy after attending Cliffs Investor Day.
In a note to clients, Deutsche Bank writes, "We believe management provided compelling evidence of a successful M&A track record and the fruits of a decade-long effort to diversify Cliffs toward a multi-product, mine and geography company which has lowered its overall risk profile and generated superior returns vis-a-vis peers (36% return CAGR vs 7% for median S&P 500 company) since 2004. Management focused on its sharp valuation discount vis-a-vis global mining peers and intimated that it would also be willing to boost its currently low dividend yield of 0.5% ($0.56 annualized) toward at least a 1.25% sector average yield over next 12-18 months."
Deutsche Bank maintains a $140 PT on CLF.
At the time of posting, shares of CLF were trading pre-market at $90.16, up 1.08% from Tuesday's close.
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