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[TFMG]

$CLF | #ClevelandCliffs - Bullish Post Acquisition


Potential long entry and trade up to the $7.00 level
Company looks undervalued and may be a benefactor of post election infrastructure spending
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Citi analyst Alexander Hacking views Cleveland-Cliffs' proposed acquisition of ArcelorMittal USA as positive for the company and the industry. Consolidation amongst U.S. integrated mills is "helpful and may help smooth the absorption" of new electric-arc furnace capacity, Hacking tells investors in a research note. Further, the deal secures a future for almost all Cleveland-Cliffs' pellets, "closing out what was a major structural risk before the AKS deal," says the analyst. Hacking keeps a Neutral rating on Cleveland-Cliffs shares.