Jun. 22 at 10:43 AM
$CLF $CMC
Cleveland-Cliffs downgraded to Equal Weight at Morgan Stanley after 50% rally
As previously reported, Morgan Stanley downgraded Cleveland-Cliffs (CLF) to Equal Weight from Overweight with a price target of
$12.50, up from
$12. The firm lifted its steel price forecasts to reflect the extended supply-driven rally, but believes expected high steel prices are already reflected in the stock with Cliffs shares having rallied approximately 50% since April 1, the analyst tells investors. Commercial Metals (CMC) is the firm's only Overweight-rated steel name in North America as it believes market concerns with new rebar supply are overly discounted in the stock, the analyst added.
