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Fly News Breaks for October 16, 2019
Oct 16, 2019 | 08:06 EDT
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.