KeyBanc analyst Philip Gibbs lowered the firm’s price target on Cleveland-Cliffs (CLF) to $13 from $15 and keeps an Overweight rating on the shares. Post the company’s secondary common stock offering/its model changes, the firm is updating its forecasts. KeyBanc remains bullish as it believes keys to unlocking a healthier capital structure remain on the horizon, including cash associated with the POSCO MoU and other asset sales, which could unlock a range of value creation, making Cleveland-Cliffs a special situation into year-end.
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Read More on CLF:
- Cleveland-Cliffs Files Key Underwriting Agreement
- Cleveland-Cliffs price target raised to $16 from $14.50 at Goldman Sachs
- Cleveland-Cliffs: Balancing High Leverage and Strategic Opportunities Amidst Uncertainty
- Cleveland-Cliffs announces Posco as MoU counterparty
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