#5 - Cleveland-Cliffs (NYSE:CLF)
Cleveland-Cliffs Inc. (NYSE: CLF) is a solid mid-cap stock choice for its role in the global steel market. The company has grown to become one of the top four steel producers in the United States. It's also the largest supplier of steel to the auto industry.
CLF stock is down 39% in 2024, largely due to weakness in the underlying price of steel. The short-term outlook for steel prices may hinge on the results of the November presidential election. However, Morgan Stanley thinks that the steel market may have found a bottom, which could be a catalyst for steel stocks, including CLF stock.
Cleveland-Cliffs has garnered headlines for its failed attempt to acquire U.S. Steel Corp. (NYSE: X). However, the company hasn’t given up its taste for acquisition; it's digesting its purchase of Stelco in July. Analysts are bullish on the acquisition that they believe will increase the company’s steelmaking footprint, including doubling its exposure to the flat-rolled steel market.
About Cleveland-Cliffs
Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
Read More - Current Price
- $11.04
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 5 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $17.56 (59.1% Upside)
