{"id":22230,"date":"2023-09-26T07:16:11","date_gmt":"2023-09-26T07:16:11","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/cleveland-cliffs-stock-catches-an-upgrade-things-will-get-better\/"},"modified":"2023-09-26T07:16:12","modified_gmt":"2023-09-26T07:16:12","slug":"cleveland-cliffs-stock-catches-an-upgrade-things-will-get-better","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22230","title":{"rendered":"Cleveland Cliffs Stock Catches an Upgrade. Things Will Get Better."},"content":{"rendered":"
\n
\n

<\/p>\n

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<\/div>
\n

Rising commodity prices can also mean rising stock prices for commodity producers.<\/h4>\n


\n Sean Gallup\/Getty Images
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Steel investors have been focused on the bidding war unfolding around
\n United States Steel.<\/span>
\n They shouldn\u2019t forget about how steel businesses are performing and valued. Things are starting to look up. <\/p>\n

Steel makers
\n Cleveland-Cliffs
\n (ticker: CLF) and
\n Steel Dynamics
\n (STLD) were upgraded to Buy from Hold Monday, by Citi analyst Alexander Hacking. His Cliffs price target stayed unchanged at $22 a share. Steel Dynamics stock price target stayed unchanged at $130 a share. <\/p>\n

\n

Cliffs shares are up 2.1% at $14.77 apiece in early trading. The
\n S&P 500
\n is up 0.1%. The
\n Dow Jones Industrial Average
\n is down 0.1%. Steel Dynamics shares are 1.9% at $102.98 apiece. <\/p>\n

\u201cSheet [steel] prices are expected to catch a bit [bid] from seasonal restocking, potentially exacerbated when the UAW strikes are resolved, supported by maintenance outages and slowing imports,\u201d wrote Hacking in his upgrade report.<\/p>\n

Restocking means more orders and sales for the steel mills. He expects benchmark sheet steel prices to average $800 a ton. Prices are about $700 a ton today. <\/p>\n

Rising commodity prices can also mean rising stock prices for commodity producers. Hacking likes the valuations too. \u201cCliffs trades at the lowest enterprise value since 2020, and we are comfortable with the bid for U.S. Steel,\u201d added the analyst. \u201cSteel Dynamics is relatively exposed to flat rolled prices versus EAF [electric arc furnace] peers.\u201d <\/p>\n

Enterprise value is essentially the value of the whole company including shares, debt and cash. Cliffs\u2019 enterprise value is about $12 billion. <\/p>\n

Steel Dynamics and
\n Nucor
\n (NUE) primarily use EAFs and remelt scrap steel to produce steel products. Along with sheet steel, steel producers make long-products including rebar and beams. <\/p>\n

Hacking is also \u201ccomfortable\u201d with the bid for U.S. Steel. Cliffs announced a cash and stock bid for the company shortly after U.S. Steel announced it was looking at its strategic alternatives including a potential sale of the company. The bid U.S. Steel stock at about $32.60 a share. U.S. Steel shares are at $31.94, down 0.2% in early trading. <\/p>\n

Hacking rates U.S. Steel stock Hold. His price target is $32 a share. That stock will be tied to the value of the Cliffs bid until U.S. Steel\u2019s board makes a decision about the future of the company. <\/p>\n

Only 8% of the analysts covering Steel Dynamics rate shares Buy, according to FactSet. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target is about $107 a share. <\/p>\n

Overall, 50% of analysts covering Cliffs stock rate shares Buy. The average analyst price target is about $18.50 a share. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rising commodity prices can also mean rising stock prices for commodity producers. Sean Gallup\/Getty Images Steel investors have been focused on the bidding war unfolding around United States Steel. They shouldn\u2019t forget about how steel businesses are performing and valued. Things are starting to look up. Steel makers Cleveland-Cliffs (ticker: CLF) and Steel Dynamics (STLD)<\/p>\n","protected":false},"author":1,"featured_media":22231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-22230","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nCleveland Cliffs Stock Catches an Upgrade. Things Will Get Better. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Rising commodity prices can also mean rising stock prices for commodity producers. 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