Wolfe Research analyst Timna Tanners upgraded Cleveland-Cliffs to Peer Perform from Underperform and removed the firm’s prior $15 price target. A recent drop in share price contrasts with sharply higher sheet steel prices in recent weeks, notes the analyst, who said the firm’s channel checks continue to see pricing resilience through Q2 being driven by tight supply. Though the firm expects capacity to ramp up and demand to soften in the second half, current market strength could last longer than expected, the analyst added.
Published first on TheFly
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