As previously reported, GLJ Research double downgraded Cleveland-Cliffs (CLF) to Sell from Buy with a $3.91 price target calling the firm’s recent upgrade of the shares “an embarrassing mistake.” The firm cites a record increase in debt in Q1, leverage that is close to 40-times due mainly to “a spate of ill-advised acquisitions,” recent market share losses and U.S. steel industry fundamentals that are in “free-fall” for its double downgrade and price target cut.
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Read More on CLF:
- U.S. Steel shares should move towards $55, says Morgan Stanley
- Cleveland-Cliffs down 5% after Trump post about U.S. Steel, Nippon partnership
- Cleveland-Cliffs Shareholders Approve Directors and Compensation
- Moderately bullish activity in Cleveland-Cliffs (CLF), with shares up $0.12 (+1.52%) near $7.70
- Cleveland-Cliffs price target lowered to $14 from $17 at B. Riley