Cleveland Cliffs Inc (CLF)

[abracky]

Cleveland-Cliffs forecasts $5B full-year adjusted EBITDA

Jun. 15, 2021 7:17 AM ETCleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor

?Monty Rakusen/Cultura via Getty Images

Cleveland-Cliffs (NYSE:CLF) +2.7% pre-market after raising guidance for adjusted EBITDA for the current quarter and full year.

The company now sees adjusted EBITDA for Q2 of $1.3B and FY 2021 of $5B, based on current contractual business and the "conservative assumption" that the U.S. hot-rolled coll index price averages $1,175/ton for the rest of the year.

Even after more than tripling over the past year, Cleveland-Cliffs remains "fundamentally undervalued with potential to more than double in the near term," Livy Investment Research writes in a bullish new analysis published on Seeking Alpha.