B. Riley has adjusted its price target for Cleveland-Cliffs (CLF, Financial), lowering it from $20 to $17, while maintaining a Buy rating for the shares. The investment firm highlights the significance of Cleveland-Cliffs' blast furnace operations in supporting domestic steel production, a factor deemed important for national security.
Despite the positive outlook on the company's long-term positioning, concerns linger among investors regarding short-term steel demand and pricing trends. B. Riley believes that Cleveland-Cliffs stands to benefit significantly if the elevated prices of hot-rolled coil persist over an extended period.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 11 analysts, the average target price for Cleveland-Cliffs Inc (CLF, Financial) is $11.36 with a high estimate of $20.00 and a low estimate of $6.00. The average target implies an upside of 56.97% from the current price of $7.24. More detailed estimate data can be found on the Cleveland-Cliffs Inc (CLF) Forecast page.
Based on the consensus recommendation from 14 brokerage firms, Cleveland-Cliffs Inc's (CLF, Financial) average brokerage recommendation is currently 2.7, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Cleveland-Cliffs Inc (CLF, Financial) in one year is $16.11, suggesting a upside of 122.51% from the current price of $7.24. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Cleveland-Cliffs Inc (CLF) Summary page.
