B. Riley lowered the firm’s price target on Cleveland-Cliffs (CLF) to $17 from $20 and keeps a Buy rating on the shares. The firm believes the company’s blast furnace footprint will continue to play a crucial role in domestic steel production, especially on the grounds of national security. However, in the near-term, investors continue to express concern around steel demand and pricing, the analyst tells investors in a research note. Riley believes Cliffs is the greatest beneficiary of an environment where hot-rolled coil prices stay higher for longer.
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