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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