Cleveland-Cliffs price target raised to $14.50 from $12.50 at BofA

BofA raised the firm’s price target on Cleveland-Cliffs (CLF) to $14.50 from $12.50 and keeps a Neutral rating on the shares after the company reported Q3 adjusted EBITDA that beat estimates and announced the signing of a Memorandum of Understanding with a major global steel producer that Cliffs said it expects to be “highly accretive” to shareholders. The firm, which find this deal “intriguing,” increased its target 2026 EV/EBITDA valuation multiple to be more in line with key steel peers following Q3 earnings and the MOU report.