UPDATE: GLJ Research Downgrades Cleveland-Cliffs (CLF) to Sell

July 27, 2022 6:51 AM EDT
Get Alerts CLF Hot Sheet
Price: $13.60 +3.98%

Rating Summary:
    10 Buy, 10 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 5 | New: 17
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(Updated - July 27, 2022 6:52 AM EDT)

GLJ Research analyst Gordon Johnson downgraded Cleveland-Cliffs (NYSE: CLF) from Buy to Sell.

The analyst commented, "In this downgrade note of Cleveland Cliffs, we detail why: (a) we believe Cons' ests. for CLF's 3Q22E EBITDA are ~20% too high at present, (b) we feel CLF is currently being valued at a ~2.6x premium (on a modified EV/EBITDA basis) vs. its better-positioned peer U.S. Steel (X; BUY), and (c) we believe the immediate macro backdrop is currently unfavorable to Cleveland Cliffs."

For an analyst ratings summary and ratings history on Cleveland-Cliffs click here. For more ratings news on Cleveland-Cliffs click here.

Shares of Cleveland-Cliffs closed at $16.34 yesterday.

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