JPM upgrades CLFToday, J.P. Morgan (JPM) upgraded Cleveland-Cliffs (CLF) stock from “neutral” to “overweight.” JPM analyst Michael Gambardella also raised the stock’s target price by 67% to $15.0 from $9.0. As The Fly reported, the analyst cited CLF’s “strong” US iron ore earnings momentum and the removal of the overhang with the sale of its Asia-Pacific unit. He’s incrementally more positive about CLF’s stock after the company’s Q2 2018 results. Cliffs stock has seen six upgrades (including initiations) in 2018.\n\nYou can also see CLF Saw Five Upgrades in H1 2018: Will the Momentum Continue? for a detailed analysis of the recent analyst rating changes for the stock.Positive Citi commentaryAccording to The Fly, Citi analyst Daniel Knauff believes CLF stock could move even higher after A 12.7% stock rally on July 20 after the company’s earnings beat consensus estimates by a wide margin. He thinks that as CLF deleverages more, de-risks its HBI (hot-briquetted iron) plant, and begins capital returns, the stock has room to appreciate further. The analyst raised the stock’s target price from $11 to $12 while maintaining the “buy” rating.Citi (C) had initiated on CLF with a “buy” rating on June 6 and a target price of $11. Knauff thought that Cliffs has “significant logistical, quality and cost advantages” to supply iron ore pellets to US steel companies. Citigroup also believes that Cleveland-Cliffs offers greater leverage to steel prices than minimill producers such as Nucor (NUE) and Steel Dynamics (STLD) and earns better margins than integrated companies (XME). U.S. Steel Corporation (X) and AK Steel (AKS) are among the integrated steel producers.B. Riley boosts target priceB. Riley also increased its target price for Cliffs stock from $12 to $13 while maintaining its “buy” rating on July 23.\n\nCliffs stock was trading 4.7% higher at 10:00 AM ET after all the positive analyst commentary in response to its earnings and J.P. Morgan’s upgrade.\n\nYou can also check out Revisiting the Case: How Does Cleveland-Cliffs Look Now? where we explore why the risk-to-reward scenario appears favorable to Cliffs stock.