Market News / Story
Cleveland-Cliffs upgraded at Wells Fargo on steel pricing power
Seeking Alpha ·
Seeking Alpha reports: Cleveland-Cliffs climbed 0.9% in Tuesday's trading as Wells Fargo upgraded the steel producer to Overweight From Equal Weight with a $14 price target, raised from $12, in a "tactical call," saying the steel pricing cycle likely is near a peak but the benefits to the company have lagged. The upgrade reflects a sharp uptick in steel prices in Canada in recent months that benefits Cleveland-Cliffs ~2M tons/year Stelco operations, plus the opportunity to raise prices on…