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Fly News Breaks for May 31, 2016
CLF, MU, DE, AGU, MRO
May 31, 2016 | 10:15 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Marathon Oil (MRO) upgraded to Overweight from Neutral at Piper Jaffray with analyst Guy Baber saying the story has improved with the equity offering and non-core asset sales. The analyst raised his price target for the shares to $16 from $14, which represents 25% upside potential. 2. Agrium (AGU) upgraded to Buy from Hold at Stifel with the firm saying that the stock is defensive vis-a-vis nutrient price decreases, while its growth could be boosted by continuing consolidation of the sector. 3. Deere (DE) upgraded to Buy from Neutral at UBS with analyst Steven Fisher saying higher corn prices should improve sentiment on the shares. 4. Micron (MU) upgraded to Outperform from Neutral at Baird with analyst Tristan Gerra citing DRAM price stabilization, a positive NAND flash outlook and the company's improving gross margin outlook and cost structure as the reason for the upgrade. The analyst raised his price target for the shares to $18 from $12. 5. Cliffs Natural (CLF) upgraded to Overweight from Neutral at JPMorgan with analyst Michael Gambardella saying rising steel sheet prices should drive higher realized pellet prices and earnings for the remaining quarters in 2016. The analyst sees "significantly higher" near-term earnings growth for Cilffs and reinstated his $7 price target for the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.