Barclays upgrades Cleveland‑Cliffs to Equal‑Weight and sets a $15 price target
Barclays raised its rating on Cleveland‑Cliffs Inc. (CLF) from Underweight to Equal‑Weight and issued a new $15 price target. The upgrade follows the steelmaker’s strong third‑quarter 2026 results, which delivered adjusted EBITDA of $612 million, beating its own guidance. Management also guided adjusted EBITDA of about $715 million for the fourth quarter and said 2027 EBITDA could exceed $4 billion. The news lifted CLF shares about 2 % in pre‑market trading.
Why it matters
The upgrade aligns the broker’s view with the consensus and may attract additional buying, supporting the stock’s price. The new $15 target implies roughly 14 % upside from the recent close, according to the analyst’s note.
Key facts
- 1Barclays upgraded Cleveland‑Cliffs from Underweight to Equal‑Weight. investing.com
- 2Barclays set a new price target of $15 for the stock. investing.com
- 3Adjusted EBITDA for Q3 2026 was $612 million. investing.com
- 4Management guided Q4 2026 adjusted EBITDA to approximately $715 million. investing.com
- 5Management projected 2027 adjusted EBITDA could exceed $4 billion. investing.com
- 6Cleveland‑Cliffs shares rose about 2.0 % in pre‑market trading after the upgrade. investing.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.