Cleveland-Cliffs price target lowered to $26 from $27 at B. Riley

B. Riley analyst Lucas Pipes lowered the firm’s price target on Cleveland-Cliffs to $26 from $27 and keeps a Buy rating on the shares. While the company pointed to notable unit cost declines in subsequent quarters, its Q1 outlook missed estimates as pricing cadence was negatively impacted by lags, discounts, and lower surcharges on spot sales, the analyst tells investors in a research note. However, for Q2, management noted the full benefit of 2023 contract renewals will be realized alongside the lagged benefit of the recent rebound in spot prices, says the firm.