Cleveland-Cliffs price target lowered to $11 from $12.50 at Citi

Citi lowered the firm’s price target on Cleveland-Cliffs (CLF) to $11 from $12.50 and keeps a Neutral rating on the shares. Steel companies enter 2025 with hot rolled coil in the cost curve and this is almost always a mid-term buying opportunity in metals, the analyst tells investors in a research note. The firm still expects sheet prices to rebound in Q1 based on re-stocking and sharply lower imports on tariff uncertainty. Beyond that, the biggest question for 2025 is whether U.S. steel demand will finally rebound after a third consecutive year of contraction, according to Citi. It is “cautiously optimistic.”