Citi lowered the firm’s price target on Cleveland-Cliffs to $18 from $22 and keeps a Neutral rating on the shares. The analyst updated steel models ahead of mid-quarter guides and upcoming results. The firm is below consensus across the board, saying metal spreads are squeezed quarter-over-quarter across most major products. Investors are anticipating weak results but seem unwilling to step in given generally lackluster steel markets, the analyst tells investors in a research note.
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