Jefferies last night downgraded Cleveland-Cliffs (CLF) to Hold from Buy with a price target of $6, down from $10. An acquisition of U.S. Steel (X) by Nippon, with $14B of associated investment directed toward the company’s existing operations and the construction of a new steel mill, would be negative for the major U.S. producers over most time horizons, the analyst tells investors in a research note. The firm says that while protectionist U.S. policies will help, the outlook for steel in the U.S. “has become less positive at the margin.” It downgraded Cliffs, saying the company is most leveraged to changes in steel pricing.
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Read More on CLF:
- Cleveland-Cliffs downgraded to Hold from Buy at Jefferies
- Cleveland-Cliffs downgraded to Sell from Buy at GLJ Research
- Cleveland-Cliffs double downgraded to Sell at GLJ Research after ‘mistake’
- U.S. Steel shares should move towards $55, says Morgan Stanley
- Cleveland-Cliffs down 5% after Trump post about U.S. Steel, Nippon partnership
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