Bank of America Merrill Lynch Reinstates Cliffs Natural Resources at Buy

Bank of America Merrill Lynch is out with its report today on Cliffs Natural Resources CLF, reinstating CLF at Buy. In a note to clients, Bank of America Merrill Lynch writes, "We reinstate coverage of iron ore-focused miner Cliffs Natural Resources with a Buy rating and a $118/share 12-month price objective. Our confidence in earnings strength to 2013 rests on a bullish firm view on iron ore and tight global supply. Cash flows can support an above consensus earnings outlook, in our view." At the time of posting, shares of CLF were trading pre-market at $93.50, down 0.21% from Friday's close.