Citi analyst Alexander Hacking downgraded Cleveland-Cliffs to Neutral from Buy with an unchanged price target of $22. The company’s EBITDA “has underwhelmed” relative to the strength of underlying steel markets, the analyst tells investors in a research note. The firm remains mid-term steel bulls but acknowledges the slowing U.S. economy as a key risk. Citi says steel stocks won’t outperform in a recession.
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