Cleveland-Cliffs to Acquire Stelco for C$70 per Share
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Wolfe Research Reiterates Underperform Rating on Cleveland-Cliffs (CLF) Following Bid for Stelco
July 15, 2024 12:20 PM EDTWolfe Research analyst Timna Tanners reiterated an Underperform rating and $12.00 price target on Cleveland-Cliffs (NYSE: CLF)
The analyst comments "STLC deal makes operating sense... Mon's announced US$2.5B acquisition of Stelco (STLC, not covered) makes strategic sense operationally, in our view, but adds operating leverage into what we consider a challenging sheet mkt outlook. Under the pending deal, CLF would pay C$70/shr for STLC, an 87% premium to its July 12 closing price, split between C$60/shr cash and C$10/shr equity at an 0.454... More
