Why Cleveland-Cliffs Is Trading Higher Today

Cleveland-Cliffs Inc CLF is trading higher Tuesday after the stock received an upgrade and price target increase from Credit Suisse. 

What Happened: Credit Suisse analyst Curt Woodworth upgraded Cleveland-Cliffs from Neutral to Outperform and raised the price target from $21 to $24. 

"Cleveland Cliffs in a short period of time has put together three best in class mining/steel companies, to create a powerhouse steel entity," Woodworth said.

Related Link: Cleveland-Cliffs Issues Its Sustainability Report 2020 Executive Summary

Recent Earnings Report: Cleveland-Cliffs reported first-quarter financial results on April 22. The company reported earnings of 35 cents per share, beating the estimate of 33 cents. The company increased its full-year 2021 adjusted EBITDA guidance to $4 billion up from $3.5 billion.

“Q1 was just the first full quarter for Cleveland-Cliffs as a fully transformed business, and we have already accomplished a lot. This being said, and with all the operational and commercial actions we have been implementing, the best will come through during the balance of 2021," said Lourenco Goncalves, president and CEO of Cleveland-Cliffs. 

Price Action: Cleveland-Cliffs traded as high as $20.87 and as low as $3.80 over a 52-week period. The stock was up 9.31% at $19.91 at last check Tuesday.