Morgan Stanley lowered the firm’s price target on Cleveland-Cliffs to $15 from $17.50 and keeps an Equal Weight rating on the shares. The firm thinks steel prices have bottomed given the tighter import spread, but does not expect prices to rally much. Given the “capped upside,” the analyst prefers “lower beta” and upgraded Nucor saying its de-rating versus peers looks overdone. Morgan Stanley continues to see limited upside to flat steel prices given its forecast of muted demand in the second half of 2024.
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