Cleveland-Cliffs price target raised to $12.50 from $9.50 at BofA

BofA raised the firm’s price target on Cleveland-Cliffs (CLF) to $12.50 from $9.50 and keeps a Neutral rating on the shares. The firm revised its near-term price forecasts and updated estimates ahead of Q3 guidance releases anticipated this week from Nucor (NUE) and Steel Dynamics (STLD), the analyst noted. While the firm increased its Q3 and Q4 hot-rolled coil price forecasts by 3% and 2%, respectively, it cut its 2025 EBITDA and EPS estimates for companies in its North American steel coverage by 12% and 10% on average, respectively, mainly on higher costs, the analyst added.