Cleveland-Cliffs Inc (CLF) saw a price increase of 4.35%, reaching a 20-day high. This movement occurs in the context of a broader market, with the Nasdaq-100 up 0.36% and the S&P 500 up 0.61%.
The stock's rise is attributed to sector rotation, as investors are shifting their focus towards steel companies amid rising steel prices, which have positively impacted American steel producers. However, challenges remain due to increasing costs for materials, particularly scrap steel, which could affect profitability.
This upward movement suggests that Cleveland-Cliffs Inc is benefiting from a favorable environment for steel companies, even as some competitors face headwinds. The company's ability to capitalize on these market dynamics will be crucial for its continued growth.
Wall Street analysts forecast CLF stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CLF is 12.78 USD with a low forecast of 5.75 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
Wall Street analysts forecast CLF stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CLF is 12.78 USD with a low forecast of 5.75 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
5 Hold
2 Sell
Hold
Current: 14.020
Low
5.75
Averages
12.78
High
17.00
Current: 14.020
Low
5.75
Averages
12.78
High
17.00
Seaport Research
Buy -> Neutral
downgrade
2026-01-23
New
Reason
Seaport Research
Price Target
AI Analysis
2026-01-23
New
downgrade
Buy -> Neutral
Reason
Seaport Research downgraded Cleveland-Cliffs to Neutral from Buy. While noting that Cleveland-Cliffs is starting 2026 in "a notably better fundamental position than a year ago," the firm also believes shares are beginning to discount more normalized earnings as its share price has exceeded the firm's prior $13 price target, which has been removed. While factors may drive incremental upside for shareholders from here, "perhaps making this ratings change appear premature in hindsight," the firm is also aware of corresponding downside risks, the analyst added.
Seaport Research
Martin Englert
Buy
to
Neutral
downgrade
2026-01-23
New
Reason
Seaport Research
Martin Englert
Price Target
2026-01-23
New
downgrade
Buy
to
Neutral
Reason
Seaport Research analyst Martin Englert downgraded Cleveland-Cliffs to Neutral from Buy.
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Morgan Stanley
Morgan Stanley
Equal Weight -> Overweight
upgrade
$17
2026-01-09
Reason
Morgan Stanley
Morgan Stanley
Price Target
$17
2026-01-09
upgrade
Equal Weight -> Overweight
Reason
Morgan Stanley upgraded Cleveland-Cliffs to Overweight from Equal Weight with a price target of $17, up from $12.80. The firm adjusted ratings in North America steel as part of its 2026 outlook. It expects steel prices to remain elevated as 50% steel tariffs "remain firm." Morgan Stanley sees domestic mills continuing to take market share from imports on capacity increases despite a relatively muted demand outlook. It sees a "potentially transformational opportunity" for Cleveland-Cliffs.
KeyBanc
Overweight -> Sector Weight
downgrade
2026-01-07
Reason
KeyBanc
Price Target
2026-01-07
downgrade
Overweight -> Sector Weight
Reason
KeyBanc downgraded Cleveland-Cliffs to Sector Weight from Overweight without a price target as part of a 2026 outlook for the carbon sector. The firm cites valuation and the company's modestly higher costs for the downgrade. Cleveland-Cliffs's positive catalysts around auto contract market share wins, strengthened liquidity, and non-core asset sales are playing out, while its costs are coming in a bit higher versus expectations given a richer product mix, the analyst tells investors in a research note.
About CLF
Cleveland-Cliffs Inc. is a steel producer with a focus on value-added sheet products, particularly for the automotive industry in North America. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Its offering includes advanced high-strength steel, hot-dipped galvanized, aluminized, galvalume, electrogalvanized, galvanneal, hot-rolled coil (HRC), cold-rolled coil, plate, grain oriented electrical steel (GOES), non-oriented electrical steel (NOES), stainless steels, tool and die, stamped components, rail, slab and cast ingot. Its Other Businesses primarily include the Tubular and Tooling and Stamping segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
