Citi analyst Alexander Hacking upgraded Cleveland-Cliffs to Buy from Neutral with an unchanged price target of $22. The analyst believes U.S. flat rolled prices will rebound into year-end and steel company valuations are “relatively attractive.” Sheet prices are “expected to catch a bit from seasonal restocking,” potentially exacerbated when the United Auto Worker strikes are resolved, supported by maintenance outages and slowing imports, the analyst tells investors in a research note. The firm says Cleveland-Cliffs trades at the lowest enterprise value since 2020.
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