Cleveland Cliffs Inc (CLF)

[abracky]

U.S. Steel, Cleveland-Cliffs upgraded to Buy at GLJ Research

Nov. 24, 2020 12:33 PMUnited States Steel Corporation (X)CLF, NUE, CMCBy: Carl Surran, SA News Editor

Steel stocks are soaring after GLJ Research upgraded (I, II) U.S. Steel (X +19.2%) and Cleveland-Cliffs (CLF +8.9%) to Buy from Hold with respective $17.30 and $15.75 price targets, saying the "steel reflation trade is solidly back in play."
GLJ analyst Gordon Johnson expects "big upside" for U.S. Steel because of acute shortages in U.S. supply, limits in availability of American steel and surging global steel prices.
Cleveland-Cliffs also has upside "given the massive and growing amount of liquidity sitting on the sidelines, exacerbated by an incoming, stimulus-friendly Biden administration."
Additionally, Nucor (NUE +4.1%), Commercial Metals (CMC +1.4%) and Steel Dynamics (STLD +4.1%) each recently announced price increases of $30/st on rebar.