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

B. Riley analyst Lucas Pipes raised the firm’s price target on Cleveland-Cliffs to $27 from $26 and keeps a Buy rating on the shares after the company announced automotive contract price renewals for 2023 that were better than his expectations. Pricing is "extremely strong in the face of recently soft spot price conditions," which underscores the company’s unique value creation, Pipes tells investors.