Cleveland-Cliffs (CLF) Jumps 12.45% on Price Target Upgrade

We recently published 10 Resilient Stocks Defying Market Sentiment. Cleveland-Cliffs Inc. (NYSE:CLF) is one of Monday’s biggest gainers.

Cleveland-Cliffs surged for a fourth straight day on Monday, jumping 12.45 percent to close at $10.66 apiece as investors took heart from an investment firm’s higher price target despite the company’s dismal earnings performance.

In a market note, Citi raised its price target for Cleveland-Cliffs Inc. (NYSE:CLF) by 47 percent to $11 from $7.5 previously, but maintained “neutral” for the stock.

Citi also set a $200-million expectation on Cleveland-Cliffs Inc.’s (NYSE:CLF) adjusted EBITDA for the third quarter of the year, as well as a run-rate annual EBITDA of approximately $1.2 billion.

By next year, Citi expects the company’s EBITDA to further improve to roughly $1.7 billion once the Calvert slab contract concludes.

In the second quarter of the year, Cleveland-Cliffs Inc. (NYSE:CLF) swung to a net loss attributable to shareholders of $483 million from a $9 million net income attributable to stockholders in the same period last year. This put its six-month net loss at $978 million, higher by 1,404 percent from the $65 million in the same period last year.

Revenues for the quarter stood at $4.934 billion, lower by 3.1 percent than the $5.092 billion year-on-year. Revenues for the first semester of the year, however, declined by 7 percent to $9.563 billion from $10.291 billion year-on-year.

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