Cleveland-Cliffs price target raised to $10 from $9 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Cleveland-Cliffs (CLF) to $10 from $9 and keeps a Neutral rating on the shares. The firm’s steel price outlook is revised higher based on recent positive data and Q1 company commentary, driven by rising import parity from higher fuel and shipping costs, global supply chain disruptions, disciplined mill price increases that suppress imports, sustained strong domestic demand with extended lead times, and forward curves signaling continued elevated prices through year-end, the analyst tells investors in a research note.