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Thursday, May 12, 2022 6:01:37 AM

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Cleveland-Cliffs Looks Compelling And Oversold, Time To Average Down

May 12, 2022 4:52 AM ETCleveland-Cliffs Inc. (CLF)


Oakoff Investments



Summary

In this article, I reassess my previous buy thesis on Cleveland-Cliffs.

CLF's comparatively higher market multiples are more than justified by higher margins and operational growth.

The U.S. desire for deglobalization and protectionism will play into the hands of the industrial sector in the long run.

Cleveland-Cliffs is one of the few in the industry that can provide itself with pig iron - this is its strong comparative advantage.

My price target is $29-33 per share, implying an upside potential of 32-50% from the current price.



Instead of an investment thesis

I initiated coverage of Cleveland-Cliffs Inc. (NYSE:CLF) stock back in June 2021 when 1 share was worth $20.49. That is, I missed a period of rapid growth following the COVID recovery:


This article was written by



Oakoff Investments

2

Quantitative equity research analyst. Colliding data science and finance to find a stock's mispricing.Constantly looking for a reasonable balance between growth and value.>4 years of experience in personal portfolio management with an average annualized return of ~29%.Disclaimer: Associated with Danil Sereda, another Seeking Alpha

Disclosure: I/we have a beneficial long position in the shares of CLF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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