Cleveland-Cliffs upgraded at Wells Fargo on steel pricing power (CLF:NYSE)

Cleveland-Cliffs (CLF) shares rose 0.9% after Wells Fargo upgraded its rating to Overweight and raised its price target to $14 from $12, citing expected benefits from rising Canadian steel prices. CLF's P/S ratio is 0.34, below its historical median, and it has a GF Score of 77/100. Insiders have sold $42.2M in shares over the past year.

Wells Fargo upgraded Cleveland-Cliffs to Overweight, raising its price target to $14 from $12. The upgrade is based on recent steel price increases in Canada and the company's pricing power. The analyst noted Cleveland-Cliffs' higher debt and underperformance but expects improved profits and debt reduction.

Wells Fargo upgraded Cleveland-Cliffs (CLF) to Overweight, raising its price target to $14.00. The firm cited steel pricing power and above-consensus earnings expectations. CLF stock is up 43% in six months, trading at $12.23. The company reported Q2 2026 revenue of $5.2 billion, with a slight earnings miss. GLJ Research also upgraded CLF to 'buy,' citing a positive earnings outlook.

Cleveland-Cliffs (CLF) stock rose 5.2% in pre-market trading after Wells Fargo upgraded it to Overweight, raising its price target to $14. The bank expects the company's 2027 EBITDA to be around $2.65 billion, higher than consensus. Additionally, the company hosted U.S. officials to highlight a $200 million steel expansion project, with $75 million in government support. The stock's rally also follows a selloff due to production suspension at its Canadian subsidiary.

Wells Fargo upgraded Cleveland-Cliffs (CLF) to Overweight, raising its price target to $14 from $12, citing underestimation of 2027 earnings potential. The bank projects $2.65B in 2027 EBITDA, exceeding consensus. Shares rose 4.8% in pre-market trading. The upgrade is based on three EBITDA tailwinds: Canadian HRC price surge, fixed-price contract repricing, and CRU-linked contract volumes. Risks include tariff rollback and economic slowdown.

Cleveland-Cliffs (CLF) will host U.S. energy officials at its Butler Works facility to showcase a $200M expansion project, including a $75M DOE award. The project aims to increase grain-oriented electrical steel production by 25% by 2028, supporting 220 construction jobs. CLF is the sole U.S. producer of this material, crucial for the nation's power grid.