Barclays last night initiated coverage of Cleveland-Cliffs (CLF) with an Underweight rating and $9 price target The stock in premarket trading is down 7c to $10.63. The firm is “encouraged” by Cleveland-Cliffs’ cost improvement initiatives and expected margin improvement from the roll off of the legacy slab contract. However, the shares warrant a lower multiple relative to peers given the company’s higher leverage, the analyst tells investors in a research note.
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