Morgan Stanley raised the firm’s price target on Cleveland-Cliffs (CLF) to $8 from $7.50 and keeps an Equal Weight rating on the shares after updating the firm’s steel price estimates on the back of President Trump doubling the existing tariff to 50%. Domestic mills will benefit from higher prices in the near-term, but soft underlying demand and potential trade deals with allies will cap pricing and may result in a downward trend by year-end, the analyst tells investors in a note on the North American steel producer group.
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