Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) shares rallied 11.8% in the last trading session to close at $20.36. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.1% loss over the past four weeks.

CLF’s shares rallied as Credit Suisse upgraded it to “Outperform” from “Neutral” and raised its price target to $24 from $21.

Price and Consensus

This mining company is expected to post quarterly earnings of $1.34 per share in its upcoming report, which represents a year-over-year change of +532.3%. Revenues are expected to be $4.75 billion, up 335% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 2.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CLF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>