UBS analyst Andreas Bokkenheuser initiated coverage of Cleveland-Cliffs with a Neutral rating and $17 price target. While an increasingly consolidated steel sector coupled with a currently closed import arbitrage and elevated feedstock prices support HRC above $600/st into 2023, longer term iron ore and met coal pressure weighing on global steel prices and rising US EAF capacity puts margins at risk in the coming years, Bokkenheuser tells investors in a research note.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CLF:
- Cleveland-Cliffs announces price increase for steel products
- Cleveland-Cliffs, EDP Renewables sign long-term commercial agreement
- Cleveland-Cliffs submits application for FEED for DOE
- Cleveland-Cliffs management to meet with B. Riley
Questions or Comments about the article? Write to editor@tipranks.com