B. Riley analyst Lucas Pipes believes Q4 will likely represent trough earnings for Cleveland-Cliffs, noting that the company will be looking forward to a combination of "impressive" contract renewals and lower costs in 2023. B. Riley reiterates its view that higher fixed-contract pricing significantly de-risks Cleveland-Cliffs’ through-cycle earnings power and it keeps a Buy rating and $27 price target on the shares.
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Published first on TheFly
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