KeyBanc last night upgraded Cleveland-Cliffs (CLF) to Overweight from Sector Weight with a $14 price target The firm sees an improved risk/reward for the shares following the company’s Q2 report. It cites Cleveland’s better cost/efficiency performance and the potential for share gains across the company’s higher-margin auto platform due to of S-232 tariffs and onshoring for the upgrade. KeyBanc is also “intrigued” by potential changes in Canadian steel trade policy, saying they could Stelco’s earnings.
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