• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing Cleveland-Cliffs stock has upside to $26: Morgan Stanley
Investing

Cleveland-Cliffs stock has upside to $26: Morgan Stanley

by January 12, 2023
by January 12, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Cleveland-Cliffs Inc (NYSE: CLF) has been in a sharp uptrend since early November but a Morgan Stanley analyst is convinced that it’s still not out of room to run just yet.

Cleveland-Cliff stock could gain another 35%

On Thursday, Carlos De Alba bumped his rating on this stock to “overweight” and raised his price objective to $26 – about a 35% premium on its previous close.  

He’s bullish primarily on the recent increase in fixed annual steel price contracts. The note reads:

We believe the recently announced increase in fixed annual steel price contracts should allow CLF to cope with lower forecast spot steel prices and generate robust FCF yields in coming years as it has no major planned capex.

Last month, the mining company revealed an increase in annual price contracts for its biggest end market – auto customers. Cleveland-Cliff stock has gained more than 80% in the past couple of months.

Cleveland-Cliffs stock could benefit from Q4 results

Cleveland-Cliffs is set to report its Q4 results next month. Consensus is for it to lose 27 cents a share this quarter versus an EPS of $1.78 a year ago. Still, Carlos De Alba wrote:

We believe a near term catalyst for the stock will be the release of 4Q22 earnings, as historically the company provides guidance for their expected average selling price for the year.

He’s also constructive because the company is committed to reducing debt to strengthen its balance sheet.

At about 4.5 times, Cleveland-Cliffs stock is currently trading well below the average of its multiple over the past five years.  

The post Cleveland-Cliffs stock has upside to $26: Morgan Stanley appeared first on Invezz.

You Might Also Like
  • Gene Munster: ‘AAPL should be a $250 stock’
  • Zscaler stock opened 10% down on Friday: how come?
  • Tesla stock has rebounded from a key support: should you buy?
  • Argentina win World Cup but ARG token falls 50%
Share
0
FacebookTwitterPinterestWhatsapp

previous post
American Airlines lifts Q4 guidance on ‘strong demand’
next post
What made Logitech shares lose 20% on Thursday?

You may also like

Using the DXY to forecast US equities ahead of the...

December 11, 2022

Diversification Dos And Don’ts

February 5, 2025

Avoid Market Crash Drawdowns with Options

April 12, 2023

ConsenSys reveals it collects IP addresses of MetaMask users

November 24, 2022

DAX index forecast for January 2023

December 20, 2022

Signet stock up 20%: ‘we’re prepared for a strong holiday...

December 7, 2022

4 most-owned stocks by super investors

November 29, 2022

How Options Work: Trading Put And Call Options

May 27, 2023

Fed’s preferred inflation gauge eased further in November

December 23, 2022

Should I buy Deere & Company shares after the Q4...

November 24, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The NASDAQ 100, On The Brink Of A Breakout, Needs Help From This Group

      June 21, 2025
    • Tesla agrees to first deal to build China’s largest grid-scale battery power plant

      June 21, 2025
    • Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

      June 20, 2025
    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

      June 20, 2025
    • Apple looking to make ‘premium’-priced folding iPhones starting next year, analyst says

      June 20, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,599 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,876 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,578 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,541 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,417 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,143)
    • Investing (538)
    • Stock (2,622)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The NASDAQ 100, On The Brink Of A Breakout, Needs...

      June 21, 2025
    • Tesla agrees to first deal to build China’s largest grid-scale...

      June 21, 2025
    • Oil prices rise more than 1% as Israel vows to...

      June 20, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,143)
    • Investing (538)
    • Stock (2,622)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Should you buy Walgreens stock on...

    January 6, 2023

    4 dividend growth stocks to buy...

    November 24, 2022

    Long Call Option Strategy

    October 8, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here