Reported 7 months ago
JPMorgan has downgraded Cleveland-Cliffs (CLF) stock to Neutral from Overweight and reduced its price target to $17 from $23 due to concerns about declining steel prices and increased company spending. The stock fell approximately 3.5% following the downgrade, with JP Morgan citing lower steel prices, higher spending, improved balance sheet, and a focus on shareholder returns. The analysts highlighted macroeconomic factors like weak EV demand contributing to the negative sentiment, with the stock down over 25% this year despite some analysts staying cautious on the sidelines.
Source: YAHOO