Cleveland-Cliffs downgraded to Neutral at Seaport Research on valuation

Seaport Research downgraded Cleveland-Cliffs (CLF) to Neutral from Buy. While noting that Cleveland-Cliffs is starting 2026 in “a notably better fundamental position than a year ago,” the firm also believes shares are beginning to discount more normalized earnings as its share price has exceeded the firm’s prior $13 price target which has been removed. While factors may drive incremental upside for shareholders from here, “perhaps making this ratings change appear premature in hindsight,” the firm is also aware of corresponding downside risks, the analyst added.