Cleveland-Cliffs Target Higher; GLJ Sees Steel Prices Lifting Valuation
Cleveland-Cliffs, a recent meme-stock favorite, could see a higher valuation from current steel prices, a GLJ Research analyst says.
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Cleveland-Cliffs (
CLF) - Get Report shares got a price-target hike from a GLJ Research analyst who says current steel prices could boost the steelmaker s valuation.
Shares of the Cleveland company have wavered on Thursday. At last check the stock was off 1.7% at $22.82. It had traded up as much as 6.7% at a 52-week high $24.77.
Analyst Gordon Johnson, who raised his price target to $28.35 from $22.09, said in a research note that at current prices for US HRC, referring to the Hardness Rockwell C scale, we could see strong upside potential to CLF s valuation. Those prices appear sustainable, he said.