Morgan Stanley lowered the firm’s price target on Cleveland-Cliffs (CLF) to $13.50 from $15 and keeps an Equal Weight rating on the shares. The firm is updating estimates to mark-to-market steel and scrap prices for the second half of 2024 and price forecasts into 2025, expressing the view that steel demand will remain muted, capping upside to prices. The firm is also lowering Q3 estimates for Nucor (NUE) and Steel Dynamics (STLD) to align with their lower-than-expected guidance for the quarter.
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