Fly News Breaks for September 23, 2019
Sep 23, 2019 | 08:51 EDT
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.
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