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CLF

Cleveland-Cliffs

$10.96

-0.37 (-3.27%)

10:08
10/23/18
10/23
10:08
10/23/18
10:08

Vertical sees Cleveland-Cliffs shares heading to near $5 amid excessive supply

In a research note titled "Does the US Steel Industry Supply/Demand Backdrop Suggest CLF is Nearing the 'Cliff'?," Vertical Group analyst Gordon Johnson maintains a Sell rating on shares of Cleveland-Cliffs. The analyst believes "excess" supply is ramping into a "late cycle" U.S. steel market. Growth for sheet products in Q2 went negative at down 1.6% year-over-year, a "sharp deceleration" from the trailing four quarter average of 5.1% year-over-year growth, Johnson writes to investors. In addition, with 10-year U.S. treasury rates at levels not seen since 2011, continued headwinds to both auto and construction demand in the U.S. is likely, the analyst contends. Lastly, he points out that after peaking on July 12, U.S. hot rolled coil spot prices have dropped 8.9% in just over three months. Steel investors have historically reacted "rather negatively to late cycle irrational capacity ramps," Johnson cautions. He has a 12-month price target of $5.13 for shares of Cleveland-Cliffs. The stock in morning trading is down 4%, or 47c, to $10.87.

CLF Cleveland-Cliffs
$10.96

-0.37 (-3.27%)

09/26/18
RILY
09/26/18
NO CHANGE
Target $15
RILY
Buy
Cleveland-Cliffs price target raised to $15 from $13 at B. Riley FBR
B. Riley FBR analyst Lucas Pipes earlier today raised his price target for Cleveland-Cliffs to $15 from $13 reflect an improved outlook for Atlantic Pellet Premiums. With Chinese pellets trading slightly below all-time highs, iron ore suppliers into the Atlantic are positioned well to capture an incremental $15-$20/Mt of premium, Pipes told investors earlier in a research note. The analyst increased his estimates for Cleveland-Cliffs and kept a Buy rating on the shares. The stock in midday trading us down 18c to $12.73.
10/15/18
FBCO
10/15/18
DOWNGRADE
FBCO
Neutral
Cleveland-Cliffs downgraded to Neutral from Outperform at Credit Suisse
10/15/18
FBCO
10/15/18
NO CHANGE
FBCO
Neutral
Credit Suisse downgrades U.S. Steel sector along with three stocks
Credit Suisse analyst Curt Woodworth downgraded his view on the U.S. Steel sector to Market Weight from Overweight due to concerns with new supply entering the sheet market as well as with U.S demand as interest rates rise. The analyst sees "limited potential for multiple expansion given late cycle fears." Further, in addition to cycle concerns and new supply risk, capital allocation by companies has disappointed relative to investors "wish lists," Woodworth tells investors in a research note. Along with the sector, the analyst downgraded Nucor (NUE), Steel Dynamics (STLD), and Cleveland-Cliffs (CLF) to Neutral from Outperform. Woodworth keeps Outperform ratings on US Steel (X) and AK Steel (AKS) as he sees upside to Street estimates on better 2019 contract pricing as well as more attractive valuations relative to historical forward multiples.
10/22/18
JEFF
10/22/18
NO CHANGE
Target $14
JEFF
Buy
Cleveland-Cliffs dividend growth potential underappreciated, says Jefferies
Cleveland-Cliffs' dividend restart last week marks a turning point for the business from being a highly-indebted growth company to an "emerging cash cow" in the metals sector, Jefferies analyst Seth Rosenfeld tells investors in a research note. He believes the company's potential for further dividend growth remains underappreciated. He believes that with "one major catalyst now passed," attention turns to 2019 pellet contract prices. And rising pellet contract prices could drive consensus estimate upside in the coming months, contends Rosenfeld. He reiterates a Buy rating on Cleveland-Cliffs with a $14 price target.

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