Analysts’ sentiments

Cleveland-Cliffs (CLF) is expected to report its first-quarter earnings results on April 25. Currently, 58.3% out of a total of 12 analysts have given CLF “buy” ratings. Another 41.7% have given the stock “holds.” It doesn’t have any “sell” ratings.

A year ago, only 30% of analysts had given the stock “buy” ratings. At the end of November 2018, it had “buy” ratings from 63.6% of the analysts covering it.

What Are Analysts’ Ratings on CLF ahead of Its Q1 Results?

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Peers’ ratings

CLF’s stock price target of $13.1 implies a potential upside of ~35.9% based on its current market price. Among CLF’s US steel peers (XME), ArcelorMittal (MT) has the most “buy” ratings from analysts at 90%, followed by Nucor (NUE), Steel Dynamics (STLD), and U.S. Steel (X) at 73%, 71.4%, and 23.5%, respectively. AK Steel (AKS) has the lowest percentage of “buy” ratings at 13.3%.

Recent rating changes

Morgan Stanley reaffirmed its “hold” rating on CLF on March 5. The company set its target price at $12.

On February 11, JPMorgan Chase upgraded CLF from an “average” to an “overweight” rating and raised its target price from $15 to $17. JPM analyst Michael Gambardella turned more positive on the stock due to elevated iron ore prices and pellet premiums and CLF’s commercial initiatives. Gambardella is also optimistic about CLF’s new hot briquetted iron ore project.

Cowen initiated coverage on CLF on January 8 with a “market perform” rating. The company has a price target of $8.50.

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