Cleveland-Cliffs, the Basic Materials sector company, was revisited by a Wall Street analyst today. Analyst from Goldman Sachs maintained a Buy rating on the stock and has a $15.00 price target.
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Goldman Sachs has given his Buy rating due to a combination of factors tied to Cleveland-Cliffs’s strengthened 2026 outlook and recent share-price weakness. The firm expects a meaningful uplift from higher steel tariffs, automotive market share gains secured by multi‑year contracts, and operational optimization that should support adjusted EBITDA reaching roughly a $2bn run‑rate by mid‑2026.
Goldman Sachs’s valuation work, applying a 7.2x multiple to forward EBITDA, underpins a 12‑month price target of $15, and the recent 17% pullback after earnings is viewed as a favorable entry point rather than a thesis change. While the report notes risks around cash flow, the POSCO partnership, and potential weakness in U.S. auto production, the analysts believe these are outweighed by the improved earnings trajectory and clearer policy and cost tailwinds.