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Cleveland-Cliffs higher fixed pricing contracts should lead to positive revisions, claim analysts

By Sam Boughedda Cleveland-Cliffs (NYSE:CLF) was upgraded to Overweight from Equal-Weight, with its price target raised to $26 from $13.60 per share by Morgan Stanley. Analysts...
Cleveland-Cliffs higher fixed pricing contracts should lead to positive revisions, claim analysts © Reuters. Cleveland-Cliffs (CLF) higher fixed pricing contracts should lead to positive revisions claims analyst
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By Sam Boughedda

Cleveland-Cliffs (NYSE:CLF) was upgraded to Overweight from Equal-Weight, with its price target raised to $26 from $13.60 per share by Morgan Stanley.

Analysts there told investors in a note Thursday that the upgrade was based on sequentially higher annual fixed pricing contracts. They feel these "should lead to positive earnings revisions and robust FCF generation despite forecast declining spot steel price."

"In addition, we believe that sell-side consensus estimates are not fully reflecting the announced increased in annual fixed price contracts, which in our view will lead to positive 2023 earnings revisions and result in further tailwinds for the stock," added the analysts.

Furthermore, Morgan Stanley sees a near-term catalyst for the stock being the release of its fiscal fourth-quarter earnings, as "historically the company provides guidance for their expected average selling price for the year."

"This should provide further clarity and greater confidence to the market on the impact of the increase in the annual fixed price contracts," the analysts added.

Following the upgrade, CLF shares jumped more than 8% on Thursday.

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    EUR/USD 1.0837 ↑ Sell  
    GBP/USD 1.2655 Sell  
    USD/JPY 150.10 Buy  
    AUD/USD 0.6525 ↑ Sell  
    USD/CAD 1.3562 ↑ Buy  
    EUR/JPY 162.73 ↑ Buy  
    EUR/CHF 0.9577 ↑ Buy  
    Gold 2,091.60 ↑ Sell  
    Silver 23.345 ↑ Sell  
    Copper 3.8590 ↑ Sell  
    Crude Oil WTI 79.81 Buy  
    Brent Oil 83.46 ↑ Buy  
    Natural Gas 1.836 ↑ Buy  
    US Coffee C 184.13 Neutral  
    Euro Stoxx 50 4,894.05 Buy  
    S&P 500 5,137.08 ↑ Buy  
    DAX 17,735.00 ↑ Sell  
    FTSE 100 7,682.50 ↑ Sell  
    Hang Seng 16,589.44 ↑ Buy  
    Small Cap 2000 2,075.05 ↑ Buy  
    IBEX 35 10,064.70 ↑ Buy  
    BASF 47.985 ↑ Sell  
    Bayer 28.33 ↑ Sell  
    Allianz 251.80 Buy  
    Adidas 187.00 ↑ Buy  
    Lufthansa 7.191 Sell  
    Siemens AG 181.28 Sell  
    Deutsche Bank AG 12.566 Neutral  
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