Goldman Sachs initiated coverage of Cleveland-Cliffs (CLF) with a Buy rating and $16 price target The prevailing sentiment towards the U.S. steel industry seems pessimistic given concerns on global over supply and weak but improving pricing, the analyst tells investors in a research note. The firm is more positive given its belief that both cyclical and structural factors could drive earnings growth for the domestic steel industry despite a weaker global backdrop. Goldman believes the U.S. steel industry and the stocks are near or at the trough of the current cycle.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CLF:
- Trump’s Tariffs Could Drive Growth for Greenwave Technology Solutions (NASDAQ:GWAV)
- Cleveland-Cliffs Reports Q3 2024 Earnings Amid Strategic Changes
- Cleveland-Cliffs says $120M of cost synergies with Stelco a ‘conservative’ guide
- Cleveland-Cliffs says will continue to bring costs down
- Cleveland-Cliffs expects ‘very strong Q1’