Citi Raising Estimates And Target On Cliff's Natural Resources

According to Citi, Cliffs Natural Resources CLF estimates are target are raised. Citi reported that it is introducing an updated model for CLF that reflects earnings contributions from the pending $4.9 bln acquisition of Consolidated Thompson, which is expected to close in early 2Q. “We are raising our 2012 estimate by 10.0% to $12.40 from $11.20 and our 2013 estimate by 13.8% to $9.10 from $8.00. We are lifting our target price to $118 from $108.” Cliffs Natural Resources closed yesterday at $97.16.