UPDATE: GLJ Research Downgrades Cleveland-Cliffs (CLF) to Sell
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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."
Shares of Cleveland-Cliffs closed at $16.34 yesterday.
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