JPMorgan upgraded Cleveland-Cliffs to Overweight from Neutral with a price target of $23, up from $19, after resuming coverage of the name following a period of restriction. Cliffs should generate “ample cash” in 2024 amid easing cost pressure and minimal capex requirements, supporting greater focus on shareholder returns along with further debt reduction, the analyst tells investors in a research note. The firm expects the company’s largest end market in automotive to drive strong demand following an end to the UAW strike and inventory levels yet to be fully replenished.
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