Summary Highlights:
- Cleveland-Cliffs (CLF, Financial) shares surged over 12% after surpassing Q2 estimates.
- The steelmaker is considering asset sales to bolster cash flow and repay debt.
- Analyst forecasts suggest a mixed outlook with a "Hold" consensus rating.
Cleveland-Cliffs (CLF) witnessed a remarkable surge exceeding 12% following the announcement of its Q2 financial results, which surpassed what analysts had anticipated. Despite reporting a net loss of $483 million, Cleveland-Cliffs managed to exceed expectations with its adjusted figures, and revenue slightly outpaced analyst projections. In an effort to enhance cash flow and focus on debt repayment, the company is exploring the potential sale of certain assets to foreign investors.
Wall Street Analysts Forecast
Considering the one-year price targets provided by 10 analysts, Cleveland-Cliffs Inc's (CLF, Financial) average target price stands at $8.78, with the highest estimate reaching $14.00 and the lowest at $3.91. This average target indicates a potential downside of 17.64% from the current price of $10.67. Investors seeking more comprehensive estimate data can visit the Cleveland-Cliffs Inc (CLF) Forecast page.
The consensus recommendation from 14 brokerage firms categorizes Cleveland-Cliffs Inc's (CLF, Financial) current average brokerage recommendation at 2.9, which signifies a "Hold" status. This rating is based on a scale from 1 to 5, with 1 representing a "Strong Buy" and 5 indicating a "Sell" status.
According to GuruFocus estimates, the projected GF Value for Cleveland-Cliffs Inc (CLF, Financial) over the coming year is assessed at $14.74, suggesting an upside potential of 38.21% from the current trading price of $10.665. GF Value represents GuruFocus' valuation of the stock's fair trading price, derived from historical trading multiples, the company's past business growth, and anticipated future business performance. Investors can access more detailed data on the Cleveland-Cliffs Inc (CLF) Summary page.
