Cleveland-Cliffs price target raised to $10.50 from $8 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Cleveland-Cliffs (CLF) to $10.50 from $8 and keeps an Equal Weight rating on the shares after updating the firm’s estimates to include the latest company guidance following Q2 earnings. Cleveland-Cliffs has transformed itself from an iron ore miner to the largest integrated steelmaker in North America, but the firm’s view is that auto steel demand will continue to remain weak into the end of 2025 and that free cash will be put toward paying down debt, rather than be returned to shareholders.