Morgan Stanley analyst Carlos De Alba lowered the firm’s price target on Cleveland-Cliffs (CLF) to $11 from $13 and keeps an Equal Weight rating on the shares. The firm believes steel prices are beginning to recover after a challenging 2024 and expects steel prices to improve in 2025 on the back of new protectionist trade measures promised by the Trump administration and modest steel demand growth of 1.6%, the analyst tells investors in a 2025 outlook note for the North America steel group.
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