Cliffs Natural upgraded at Macquarie a day ahead of proxy fight verdict

• Cliffs Natural Resources (CLF +2.5%) is higher a day ahead of the annual general meeting in which Casablanca Capital could gain control of its board and replace its CEO.
• Macquarie upgrades shares to Neutral from Underperform with a $17 price target, up from $10, as it expects positive results from the proxy battle; additionally, it likes CLF's guidance of recovery in its U.S. iron ore division in H1 and cost reductions in the eastern Canada mine.
• In reiterating its Market Perform rating, FBR Capital says it was encouraged by CLF's Q2 success in lowering costs through a focus on operational efficiency, which led the company to improve full-year cost and sales volume guidance for APIO and ECIO (Briefing.com).