Cliffs Natural Resources (NYSE:CLF) Boosted on Increased Iron Ore Projections

While concerned over the uneven performance of Cliffs Natural Resources (NYSE:CLF), Deutsche Bank (NYSE:DB) increased their price target on the company significantly on their increase in iron ore projections.

Cliffs Natural Resources, "While iron ore is Cliffs’ historical mainstay, ramping metallurgical coal could account for - 25% of revenue by 2012E. Medium-term, chromite could represent a third main business line. While coal’s turn-around should drive 2011 earnings, uneven performance at this business remains a concern."

Deutsche Bank maintains their "Buy" rating on Cliffs Natural Resources, which was trading at $85.08, gaining $2.58, or 3.13 percent. Deutsche boosted their price target on Cliffs from $95 to $115.