Citi Downgrades Cleveland-Cliffs (CLF) to Neutral

Citi analyst Alexander Hacking downgraded Cleveland-Cliffs (NYSE: CLF) from Buy to Neutral with a price target of $22.00.

The analyst comments "We downgrade CLF to Neutral with an unchanged $22/sh target price. Revenues have been as good as advertised (if not better) based on strong volumes, record auto steel prices, and resilient HRC, but higher costs have led to underwhelming EBITDA (<$2bn in 2023). Mid-cycle EBITDA view is ~$2bn with implied FCF around 7% – fair, but not compelling, in our view."

For an analyst ratings summary and ratings history on Cleveland-Cliffs click here. For more ratings news on Cleveland-Cliffs click here.

Shares of Cleveland-Cliffs closed at $20.47 yesterday.

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