Morgan Stanley Provides Color on Cliffs Natural Resources, Equal-Weight

Morgan Stanley provided color on Cliffs Natural Resources CLF. In a research report published today, Morgan Stanley states, "We believe the share price will rise relative to the industry over the next 30 days. The stock has traded off following a string of bad news including an equity raise, lower iron ore prices and lower US coal guidance. We see positive catalysts on the horizon including a potential bottoming in iron ore prices on Chinese steel mill restocking and Cliffs' Analyst Day on June 28." At the moment, Morgan Stanley has an Equal-weight rating on the company's stock. On Thursday, Cliffs Natural Resources lost 0.65% of its value to close the day at $85.19. Its shares edged a bit higher in today's pre-market trading, however, rising 0.01% to $85.20.