.jpg "Cleveland-Cliffs Inc (NYSE: CLF)")
B.Riley FBR analyst Lucas Pipes reiterated a Buy rating on Cleveland-Cliffs Inc (CLF) today and set a price target of $16. The company’s shares closed last Monday at $8.23.
Pipes noted:
“We are revisiting Cleveland-Cliffs’ (CLF) HBI Toledo development with a focus on the target market for HBI and its competitive advantage versus imported pig iron. We continue to believe that HBI will be an attractive business for Cleveland-Cliffs. Despite a more challenging macro environment, we see no compelling reasons why the company should not be successful in its commercial efforts over the next quarters. In our opinion, the logistics cost savings, environmental advantages, and reduced counterparty risk will more than justify the transition away from imported pig iron for Midwestern EAFs. In addition, we do not believe that regionally produced pig iron is a credible long-term threat to HBI. Overall, we maintain our Buy rating on Cleveland-Cliffs and $16 PT.”
According to TipRanks.com, Pipes is ranked 0 out of 5 stars with an average return of -3.1% and a 43.0% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Novagold Resources Inc New, and Covia Holdings Corporation.
Cleveland-Cliffs Inc has an analyst consensus of Strong Buy, with a price target consensus of $12, representing a 55.4% upside. In a report issued on September 4, Citigroup also maintained a Buy rating on the stock with a $8 price target.
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The company has a one-year high of $13.10 and a one-year low of $6.64. Currently, Cleveland-Cliffs Inc has an average volume of 9.66M.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLF in relation to earlier this year.
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Cleveland-Cliffs, Inc. is an iron ore mining company. It supplies iron ore pellets to the North American steel industry from mines and pellet plants located in Michigan and Minnesota. It operates through the following segments: Mining & Pelletizing and Metallics.
