JPMorgan reinstated coverage of Cleveland-Cliffs with an Overweight rating and $24 price target following a period of restriction. The rating reflects the firm’s view that Cliffs should generate “ample” cash in 2024 and over the next few years amid easing cost pressure and minimal capex requirements, supporting greater focus on shareholder returns along with further debt reduction. The analyst expects the company’s largest end market in automotive to drive steady demand following an end to the UAW strike and inventory levels yet to be fully replenished.
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