Movement Alert｜Cleveland-Cliffs Falls 5.11% in Regular Trading, Downgraded by Morgan Stanley to Equal Weight

Market Focus06-24

On June 24, Cleveland-Cliffs fell 5.11% in regular trading, trading at $10.61/share, with turnover of $50.70 million. The decline extended the previous session's losses as selling pressure mounted following a major rating downgrade.

On the news front, Morgan Stanley downgraded Cleveland-Cliffs from Overweight to Equal Weight, while slightly raising its price target from $12 to $12.50. According to FactSet, the stock carries an average analyst rating of Hold with a mean price target of $12. The downgrade signal continued to weigh on market sentiment, driving the stock lower for a second consecutive session after an initial 5.26% drop on the prior trading day.

Cleveland-Cliffs is a leading flat-rolled steel producer in North America, primarily manufacturing value-added sheet products for the automotive industry through a vertically integrated operation. The company is also the sole domestic producer of grain-oriented electrical steel in the United States, supplying critical raw materials for power grid transformers. Its most recent earnings report showed an EPS of -$0.40.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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