Morgan Stanley analyst Carlos De Alba upgraded Cleveland-Cliffs to Overweight from Equal Weight with a price target of $26, up from $13.60. The analyst believes that the sequentially higher annual fixed pricing contracts should lead to positive earnings revisions and robust free cash flow generation despite forecast for declining spot steel prices. De Alba adds that the Q4 earnings will be a near-term catalyst for Cleveland-Cliffs as the company historically provides guidance for their expected average selling price for the year.
Published first on TheFly
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- Cleveland-Cliffs upgraded to Overweight from Equal Weight at Morgan Stanley
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- Unusually active option classes on open December 23rd
- Cleveland-Cliffs price target raised to $27 from $26 at B. Riley
