Summary
- Cleveland-Cliffs (CLF, Financial) shares surged 7.3% after outperforming Q2 expectations.
- KeyBanc upgraded its rating to Overweight, setting a $14 price target.
- Analysts foresee potential upside due to operational efficiencies and policy changes.
Cleveland-Cliffs (CLF) saw its shares climb 7.3%, building on a 12% increase after the company surpassed Q2 earnings expectations. This upbeat performance prompted KeyBanc to upgrade the stock to Overweight, with a revised price target of $14. KeyBanc's analyst Philip Gibbs pointed to enhanced operational efficiencies and expanding margins in the automotive sector as key drivers. Additionally, potential benefits from Canadian trade policy adjustments and strategic asset sales aimed at reducing leverage were highlighted as potential catalysts for further gains.
Wall Street Analysts Forecast
According to one-year price targets set by 11 analysts, the average target price for Cleveland-Cliffs Inc (CLF, Financial) stands at $9.92, with predictions ranging between a high of $14.00 and a low of $3.91. Currently, this average target suggests a potential downside of 13.42% from the stock's present trading price of $11.46. For more in-depth estimate data, visit the Cleveland-Cliffs Inc (CLF) Forecast page.
Market consensus, as reflected in the recommendations from 14 brokerage firms, maintains Cleveland-Cliffs Inc's (CLF, Financial) average brokerage recommendation at 2.9, which corresponds to a "Hold" status. The rating scale employed here ranges from 1, indicating a Strong Buy, to 5, denoting a Sell.
According to GuruFocus's estimates, the projected GF Value for Cleveland-Cliffs Inc (CLF, Financial) in one year is $14.74, indicating a potential upside of 28.68% from the current price of $11.455. The GF Value represents GuruFocus' estimation of the stock's fair trading value, derived from historical trading multiples, past business growth, and future performance projections. Detailed data about this estimation can be accessed on the Cleveland-Cliffs Inc (CLF) Summary page.
