Shares of Cliffs Natural Resources soared by more than 30 percent during Tuesday’s trading session. This follows news that JPMorgan upgraded the iron ore producer’s shares to OVERWEIGHT from NEUTRAL and put a $7 price target on the shares. The firm noted that Cliffs has ‘significant near-term earnings growth’ as rising steel prices should result in higher pellet prices for the remainder of 2016. Additionally, Cliffs entered into a new long-term iron ore supply agreement with ArcelorMittal which will run through 2026.
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