KeyBanc downgraded Cleveland-Cliffs (CLF) to Sector Weight from Overweight without a price target as part of a 2026 outlook for the carbon sector. The firm cites valuation and the company’s modestly higher costs for the downgrade. Cleveland-Cliffs’s positive catalysts around auto contract market share wins, strengthened liquidity, and non-core asset sales are playing out, while its costs are coming in a bit higher versus expectations given a richer product mix, the analyst tells investors in a research note.
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