Morgan Stanley analyst Carlos De Alba is updating Cleveland-Cliffs (CLF) estimates to mark-to-market steel prices and fine tune cost assumptions, noting that the firm now models adjusted EPS of (57c) in Q4, (61c) in 2024, (18c) in 2025, $1.08 in 2026, and 44c in 2027. The firm now forecasts EBITDA in Q4 that is 97% below its previous forecast, 2024 EBITDA that is down 9.9% from its prior view, and 2025 EBITDA that is 2.1% lower than previously seen. The firm has an Equal Weight rating and $13 price target on Cleveland-Cliffs shares.
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