TD Waterhouse published a four page report this morning. They raised their target to $20.00 and maintain their BUY rating.

The copyrighted report concludes like this:

"Investment Conclusion
Based on our analysis of the multiples discussed above, we believe there is room for a higher offer from another company, or a higher offer from Cliffs. The Bloom Lake project is a high grade, low cost operation located in a pro-mining jurisdiction close to all important infrastructure. The company has further production growth potential with its 100% owned Lamelee-Peppler project. Other potential suitors already actively mining in the region are Arcelormittal and Rio Tinto. A third possibility could be Teck Resources. We believe investors should continue to BUY Consolidated Thompson shares on the potential for a higher offer."

Personally, I bought this a few months ago for a long term hold, and intend to vote against the offer.