Movement Alert｜cleveland-cliffs Intraday Rise 5.17% in Regular Trading, broker target-price hikes keep focus on post-earnings reassessment

Market Focus10-23

On October 23, cleveland-cliffs rose 5.17% in Regular Trading, trading at $13.70 per share, with turnover of $62.42 million.

The move came as the market continued to reassess the company’s latest quarterly results while broker target-price increases provided incremental support to sentiment.

Background context shows cleveland-cliffs reported third-quarter adjusted EPS of $0.28, above consensus expectations of $0.19, while sales of $5.612 billion missed the expected $5.724 billion. The company also raised its medium-term adjusted EBITDA outlook. After the results, the stock saw mixed price action as investors weighed profit recovery against the revenue shortfall. More recently, B. Riley raised its price target to $18 from $15 and kept a Buy rating, while Morgan Stanley lifted its target to $14 from $12.50 and maintained Equalweight.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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