Update: BMO Raising Price Target On Cliffs Natural Resources

BMO Capital Markets is raising its price target on shares of Cliffs Natural Resources CLF to $110 from $100, and it has an Outperform rating on shares. In a note to clients, BMO Capital Markets writes, "Positive. BMO Research has adopted Phase III at Bloom Lake, taking production to 24Mt in 2016. This has lifted NPV/share slightly to US$103.93 from US$100.42. Additionally, a material change in U.S. iron pellet pricing in coming years, to global levels, has substantial improved longer-term profits and cash flow. This has taken estimated NPV/share to US$122.75 from US$103.93, for a total 22% gain." Shares of CLF closed at $90.39 yesterday.