Argus cuts Cleveland-Cliffs to Hold, sees earnings in down cycle due to pricing

As previously reported, Argus analyst John Eade downgraded Cleveland-Cliffs to Hold from Buy. The analyst states that while Argus views Cleveland-Cliffs as a well-run company with a strong track record in its industry, its earnings are in a down cycle due to pricing. Current valuations to earnings appear reasonable, though if the stock falls back toward the $14-$15 level for non-fundamental reasons, Argus may return it to the Buy list, the analyst added.