Cleveland-Cliffs price target lowered to $24 from $25 at B. Riley

B. Riley analyst Lucas Pipes lowered the firm’s price target on Cleveland-Cliffs to $24 from $25 and keeps a Buy rating on the shares. Australian PLV rose by 11.9% week over week, closing Friday, April 26 at $244.5/Mt, and B. Riley estimates the met coal group is trading at 2024 and 2025 free cash flow to equity yields of 7.5% and 9.4%, respectively, on spot prices, on average, the analyst tells investors in a research note.