Citi Downgrades Cleveland-Cliffs (CLF) to Neutral

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Go back to Citi Downgrades Cleveland-Cliffs (CLF) to Neutral

Nucor (NUE) raised, Cleveland-Cliffs cut as Citi remains mid-term steel bulls

March 13, 2024 1:28 PM EDT

Nucor (NYSE: NUE) was upgraded to Buy at Citi on Wednesday, with the firm also downgrading Cleveland-Cliffs (NYSE: CLF) to Neutral in a research note.

The firm assigned NUE a new price target of $240 per share, up... More

Citi Upgrades Nucor (NUE) to Buy

March 13, 2024 4:35 AM EDT

(Updated - March 13, 2024 4:41 AM EDT)

Citi analyst Alexander Hacking upgraded Nucor (NYSE: NUE ) from Neutral to Buy with a price target of $240.00 (from $180.00).

The analyst comments "We take a deeper look at NUE multiples. Mid-cycle ROIC of 15-20% justifies 30-40% higher multiples, in our view, potentially... More