Shares of Cleveland-Cliffs (NYSE: CLF) , one of North America's largest integrated steel manufacturers, rose by just over 10% in morning trading on Tuesday. As of just after 2 p.m. EDT, the stock was still up by 9.4%. There was no particular news out of the company, but it did receive an updated view from a Wall Street analyst.
An analyst at Credit Suisse Group upgraded Cleveland-Cliffs from neutral to outperform, and raised the price target on the stock from $21 to $24. Traders tend to like it when stocks receive upgrades, so it's not surprising that they bid the shares higher in response. Cleveland-Cliffs' stock closed out Monday's trading session at roughly $18.20 per share, so even after Tuesday's notable gain, there is still material upside in Credit Suisse Group's call.
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Why Cleveland-Cliffs Stock Rocketed 10% in Morning Trading Today