Wells Fargo upgrades Cleveland‑Cliffs to Overweight with $14 price target
Wells Fargo raised its rating on Cleveland‑Cliffs (CLF) from Equal Weight to Overweight and lifted the price target from $12 to $14. The bank cited stronger steel pricing in Canada and expects 2027 EBITDA of about $2.65 billion, well above consensus. The upgrade lifted the stock about 4.8%‑5.2% in pre‑market trading. The note also highlighted a $200 million steel expansion project with $75 million of government support.
Why it matters
Wells Fargo expects the higher price target to push the share price toward $14, reflecting anticipated profit improvement from Canadian steel price gains. The upgrade may attract buying interest from investors who follow the bank’s ratings.
Key facts
- 1Wells Fargo upgraded CLF to Overweight from Equal Weight. investing.com
- 2The price target was raised from $12 to $14. investing.com
- 3Wells Fargo projects 2027 EBITDA of $2.65 billion. investing.com
- 4Shares rose 4.8% in pre‑market trading after the upgrade. investing.com
- 5CLF stock rose 5.2% in pre‑market trading according to another report. investing.com
- 6The company highlighted a $200 million steel expansion project with $75 million of government support. investing.com
Summary written by AlphAI from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.