GLJ Research double upgraded Cleveland-Cliffs to Buy from Sell with a $27.20 price target for year-end 2024, which it notes represents about 23% upside from yesterday’s closing price. The firm updated its high-level views on the steel sector as the market moves closer to the U.S. presidential election this year, highlighting what it views as both a “Trump put” and “Biden put” underneath the steel sector in 2024. The firm also points to what it sees as a likely rotation out of tech into value, to include steel stocks, as interest rates head higher.
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Read More on CLF:
- Cleveland-Cliffs selected to receive up to $575M in DOE investments
- Cleveland-Cliffs (NYSE:CLF) May Bid on U.S. Steel If Nippon Deal Fails
- Cleveland-Cliffs CEO says could bid in ‘$30s’ for U.S. Steel if Nippon bid fails
- Biden speech likely to extend review of U.S. Steel deal, says Morgan Stanley
- Cleveland-Cliffs call volume above normal and directionally bullish
