Cleveland-Cliffs

CLF · NYSE

$13.65−$0.45 (−3.19%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $14.10

CLF analyst rating

HoldConsensus of 11 analysts over the last 12 months. 27% rate it a buy.

Strong buy0
Buy3
Hold7
Underperform1
Sell0

12-month price target · 15 analysts

Average $12.99 (−4.9% downside)

Low: $10.10
Now: $13.65
High: $18.35

Upgrades and downgrades

The latest rating actions, newest first

CLF analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 20, 2026	Maintains	Equal-Weight	$12.50 → $14.00	53%
Wells Fargo	Oct 20, 2026	Maintains	Overweight	$14.00 → $17.00	55%
Barclays	Oct 19, 2026	Maintains	Underweight	$10.00 → $11.00	57%
JP Morgan	Oct 9, 2026	Maintains	Neutral	$13.00 → $12.00	54%
Wells Fargo	Oct 6, 2026	Upgrade	Equal-Weight → Overweight	$12.00 → $14.00	55%
GLJ Research	Sep 21, 2026	Maintains	Buy	$15.60 → $17.48	64%
GLJ Research	Sep 18, 2026	Maintains	Buy	$15.60	64%
JP Morgan	Sep 9, 2026	Maintains	Neutral	$11.00 → $13.00	58%
Wells Fargo	Aug 24, 2026	Maintains	Equal-Weight	$11.00 → $12.00	55%
GLJ Research	Jul 24, 2026	Upgrade	Neutral → Buy	$15.01 → $15.60	64%

The case for and against

Updated Jul 14, 2026

Bull case

Cleveland-Cliffs is facing short-term pressure due to subdued demand impacting its fourth quarter results, causing its stock to underperform. Additionally, the lack of clarity on the POSCO MOU and lower-than-expected guidance for 2026 raises concerns among investors. However, the company has various tailwinds for 2026, including a positive pricing environment, improved steel fundamentals, cost-cutting initiatives, and potential benefits from agreements with partners like POSCO. While overcapacity in the global steel market remains a risk, Cleveland-Cliffs has a solid financial standing with minimal cash taxes and manageable CapEx.

Bear case

Cleveland-Cliffs is a flat-rolled steel producer and manufacturer of iron ore pellets in North America, serving a diverse range of markets. Despite improved market conditions and management efforts, the stock faces multiple headwinds, including a price war for secured volumes, potential pressure from a pending POSCO partnership, and risks from long-term secular shifts and changing trade policies. In the short term, the company's pivot towards higher auto volumes and a shift away from contractual slabs may result in increased unit cash costs, limiting potential upside.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.