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CLF

Cleveland-Cliffs

$8.14

0.2 (2.52%)

, AKS

AK Steel

$3.24

0.065 (2.05%)

08:56
12/07/19
12/07
08:56
12/07/19
08:56

Cleveland-Cliffs shares could be worth $10 with AK Steel deal, Barron's says

Cleveland-Cliffs (CLF) and AK Steel (AKS) say they can reduce costs by $120M a year as a combined company. Based on the valuation multiples of steel companies, the pair could be worth $600M more, writes Al Root of Barron's. That makes Cleveland-Cliffs stock worth almost $10 a share, all else being equal, or 20% higher than its close on Friday, Root points out. Reference Link

CLF

Cleveland-Cliffs

$8.14

0.2 (2.52%)

AKS

AK Steel

$3.24

0.065 (2.05%)

CLF Cleveland-Cliffs
$8.14

0.2 (2.52%)

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.
11/14/19
EXAN
11/14/19
INITIATION
Target $7.3
EXAN
Neutral
Cleveland-Cliffs initiated with a Neutral at Exane BNP Paribas
Exane BNP Paribas analyst Luc Pez initiated coverage of Cleveland-Cliffs with a Neutral rating and $7.30 price target.
12/04/19
JPMS
12/04/19
UPGRADE
JPMS
Neutral
AK Steel upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Michael Gambardella upgraded AK Steel (AKS) to Neutral from Underweight citing the takeover by Cleveland-Cliffs (CLF).
12/04/19
JPMS
12/04/19
NO CHANGE
JPMS
Neutral
JPMorgan has concerns about Cleveland-Cliffs acquisition of AK Steel
JPMorgan analyst Michael Gambardella believes Cleveland-Cliffs' (CLF) proposed acquisition of AK Steel (AKS) in a $3B all-stock transaction should go through as proposed given the unlikelihood of anti-trust opposition or another bidder. The analyst is concerned that Cleveland-Cliffs could be trading its relatively defensible business selling iron ore pellets in the Great Lakes, which generates higher margins, for a more volatile, lower margin integrated steel company in AK Steel. The analyst keeps a Neutral rating on Cleveland-Cliffs and upgraded AK Steel to Neutral from Underweight.
AKS AK Steel
$3.24

0.065 (2.05%)

11/14/19
EXAN
11/14/19
INITIATION
Target $2
EXAN
Underperform
AK Steel initiated with an Underperform at Exane BNP Paribas
Exane BNP Paribas analyst Luc Pez initiated coverage of AK Steel with an Underperform rating and $2 price target.
11/26/19
FBCO
11/26/19
NO CHANGE
FBCO
Credit Suisse lowers steel price deck, says 'fade the rally'
Credit Suisse analyst Curt Woodworth noted that mill outages and restocking have driven a sharp recovery in HRC steel prices from their October lows, but he suggests investors "fade the Q1 rally" as he sees U.S. HRC prices peaking in the first quarter before falling in the second half of 2020 as Big River ramps up Phase II, JSW more fully optimizes assets and imports rise. The global steel market is in recession and the firm estimates U.S. flat rolled demand for 2019 to be lowest in past six years, Woodworth noted. He has Outperform ratings on Nucor (NUE) and Commercial Metals (CMC), as he sees them having significant leverage to accelerating public infrastructure spending, keeps Underperform ratings on U.S. Steel (X) and AK Steel (AKS), which he sees having the most risk from supply side rebalancing, and maintains a Neutral rating on Steel Dynamics (STLD).

TODAY'S FREE FLY STORIES

SPOT

Spotify

$148.20

-3.59 (-2.37%)

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CE

Celanese

$117.54

-0.53 (-0.45%)

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BYND

Beyond Meat

$109.20

-1.16 (-1.05%)

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DBD

Diebold

$11.09

-0.49 (-4.23%)

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IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

, SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

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IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

SPY

SPDR S&P 500 ETF Trust

$331.98

1.08 (0.33%)

SLV

iShares Silver Trust

$16.82

0.04 (0.24%)

GLD

SPDR Gold Shares

$146.59

0.29 (0.20%)

FXE

Euro Currency Trust

$105.10

-0.43 (-0.41%)

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UBSFY

Ubisoft

$0.00

(0.00%)

17:32
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01/17
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Periodicals
Ubisoft to restructure editorial team after difficult 2019, VGC reports »

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    Feb

IMVT

Immunovant

$17.04

-0.01 (-0.06%)

17:27
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Syndicate
Breaking Syndicate news story on Immunovant »

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TBLT

ToughBuilt

$0.33

-0.0255 (-7.11%)

17:20
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Syndicate
ToughBuilt files to sell common stock, no amount given »

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MYO

Myomo

$0.32

0.0062 (1.98%)

17:18
01/17/20
01/17
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Conference/Events
Myomo to host special shareholder meeting »

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  • 21

    Jan

SRRA

Sierra Oncology

$0.40

-0.02 (-4.76%)

17:14
01/17/20
01/17
17:14
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Conference/Events
Sierra Oncology to host virtual special shareholder meeting »

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  • 21

    Jan

SRNE

Sorrento Therapeutics

$4.26

-0.15 (-3.40%)

17:10
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Breaking Syndicate news story on Sorrento Therapeutics »

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AKER

Akers Biosciences

$3.45

-0.1 (-2.82%)

17:01
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Akers Biosciences reaches settlement agreements on two derivative actions »

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ECA

Encana

$4.09

-0.18 (-4.22%)

16:40
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Encana receives court approval for reorganization »

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  • 29

    Jan

MBRX

Moleculin Biotech

$0.96

0.0122 (1.29%)

16:38
01/17/20
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Breaking Syndicate news story on Moleculin Biotech »

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VOD

Vodafone

$20.07

-0.225 (-1.11%)

, BT

BT Group

$0.00

(0.00%)

16:37
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Periodicals
BT, Vodafone consider urging PM Johnson not to ban Huawei in U.K., Reuters says »

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VOD

Vodafone

$20.07

-0.225 (-1.11%)

BT

BT Group

$0.00

(0.00%)

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16:30
01/17/20
01/17
16:30
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Options
Preliminary option volume of 28.7M today »

Preliminary option volume…

NSCO

Nesco Holdings

$5.12

0.025 (0.49%)

16:26
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Nesco Holdings requests withdrawal of registration statement »

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GPS

Gap

$18.54

-0.075 (-0.40%)

, CMCSA

Comcast

$47.48

0.62 (1.32%)

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GPS

Gap

$18.54

-0.075 (-0.40%)

CMCSA

Comcast

$47.48

0.62 (1.32%)

CMCSK

Comcast

$0.00

(0.00%)

PLAY

Dave & Buster's

$47.35

5.3 (12.60%)

KKR

KKR

$31.20

0.7 (2.30%)

BA

Boeing

$324.11

-7.89 (-2.38%)

JNJ

Johnson & Johnson

$149.07

0.82 (0.55%)

SWK

Stanley Black & Decker

$172.63

2.18 (1.28%)

TWOU

2U

$22.84

1.05 (4.82%)

BE

Bloom Energy

$9.70

0.43 (4.64%)

MGPI

MGP Ingredients

$38.16

-14.74 (-27.86%)

FAST

Fastenal

$36.77

-0.55 (-1.47%)

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    Jan

  • 29

    Jan

  • 29

    Jan

  • 31

    Jan

  • 26

    Feb

  • 27

    Feb

  • 09

    Mar

  • 17

    Mar

APLS

Apellis

$40.43

0.03 (0.07%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
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NYSE market internals summary »

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16:15
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Treasury Market Summary »

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LGC

Legacy Acquisition Corp

$10.33

(0.00%)

16:08
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Legacy Acquisition Corp extends date to consummate proposed business combination »

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GNUS

Genius Brands

$0.33

-0.015 (-4.41%)

16:04
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Breaking Syndicate news story on Genius Brands »

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BBY

Best Buy

$90.21

1.28 (1.44%)

16:04
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Best Buy board opens investigation into CEO's personal conduct, WSJ says »

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