Cleveland-Cliffs price target lowered by $1.99 at GLJ Research, here’s why

GLJ Research lowered the firm’s price target on Cleveland-Cliffs to $11.45 from $13.44 and keeps a Sell rating on the shares. In a best-case scenario, the analyst sees U.S. hot rolled steel spot prices edging modestly higher before falling back to parity as foreign imports “flood” the U.S. With weak underlying U.S. steel demand, elevated HRC inventory levels, and “stretched” valuations, U.S. steel stocks are “right ahead of an acute fundamental correction lower,” the analyst tells investors in a research note.