Cleveland-Cliffs price target raised to $12.80 from $10.10 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Cleveland-Cliffs (CLF) to $12.80 from $10.10 and keeps an Equal Weight rating on the shares. Despite expectations for significant improvement on EBITDA, an improved product mix and further cost reductions, the firm says the stock’s valuation “still looks demanding” based on the firm’s revised 2026 estimates.