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CLF

Cleveland-Cliffs

$7.15

0.16 (2.29%)

09:15
10/23/19
10/23
09:15
10/23/19
09:15

Cleveland-Cliffs CEO: China over producing steel, on pace to pass over 1B tons

  • 23

    Oct

CLF Cleveland-Cliffs
$7.15

0.16 (2.29%)

09/23/19
JPMS
09/23/19
DOWNGRADE
Target $8
JPMS
Neutral
JPMorgan downgrades Cleveland-Cliffs to Neutral on lower pellet premiums
JPMorgan analyst Michael Gambardella downgraded Cleveland-Cliffs to Neutral from Overweight and lowered his price target for the shares to $8 from $14. Given the recent downward shift in pellet premiums as well as the weakness in steel prices, the analyst now expects pricing levels to be lower than he had previously anticipated. As a result, Gambardella expects some earnings pullback for Cleveland-Cliffs in 2020. However, he continues to think the company has a "defensible" core pellet business with "intriguing" growth potential from HBI.
09/23/19
09/23/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alcoa (AA) downgraded to Neutral from Buy at Goldman Sachs. 2. Commercial Metals (CMC) was downgraded to Neutral from Buy at Goldman Sachs while Schnitzer Steel (SCHN) was downgraded to Sell from Neutral. 3. AK Steel (AKS) was downgraded to Underweight from Overweight at JPMorgan while Cleveland-Cliffs (CLF) and U.S. Steel (X) were downgraded to Neutral from Overweight. 4. Clorox (CLX) downgraded to Underweight from Equal Weight at Barclays. 5. Spirit Airlines (SAVE) downgraded to Equal Weight from Overweight at Stephens with analyst Jack Atkins saying with its heavy Southeast and Caribbean exposure, Spirit significantly lowered its Q3 guidance in early September due to Hurricane Dorian. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/01/19
RILY
10/01/19
NO CHANGE
Target $13
RILY
Buy
Cleveland-Cliffs price target lowered to $13 from $16 at B. Riley FBR
B. Riley FBR analyst Lucas Pipes lowered his price target for Cleveland-Cliffs to $13 from $16 to reflect the "evolving" macro environment and price environment. Last month, Platts reported a 35% decline in Atlantic pellet premiums to $40/dmt, the analyst points out. The analyst estimates this reduction lowered Cleveland-Cliffs' sales margins by approximately $10/lt on an annual basis. Until we see a material improvement in steel mill economics, Atlantic pellet premiums pricing could stay at these current levels for the next several quarters, Pipes tells investors in a research note. Nonetheless, the analyst continues to believe that Cleveland-Cliff is an attractive stock with "substantial upside even in the current price environment." He keeps a Buy rating on the shares.
10/16/19
JEFF
10/16/19
NO CHANGE
Target $12
JEFF
Buy
Cleveland-Cliffs price target lowered to $12 from $15 at Jefferies
Jefferies analyst Alan Spence lowered his price target for Cleveland-Cliffs to $12 from $15 on expectations the company's Q3 will be weighed down by negative contract "true ups" given the reversal in U.S. hot-rolled steel prices back pellet premiums falling to $40 per ton in September. The analyst forecasts Q3 EBITDA of $128M for Cleveland-Cliffs, below the current consensus of $143M. However, he keeps a Buy rating on the shares.

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