Cleveland-Cliffs downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Cleveland-Cliffs (CLF) to Underweight from Equal Weight with an unchanged price target of $11. The firm views the stock’s 22% rally on Monday as “excess exuberance.” The rally is an overreaction to a memorandum of understanding with a foreign steel mill and potential rare earth deposits, the analyst tells investors in a research note. Wells considers Cleveland-Cliffs a beneficiary of a U.S. spot sheet price rebound into year end, but thinks the shares now more than reflect a better 2026.