Cleveland-Cliffs Inc. (CLF) is experiencing a notable uptick in its stock price today, driven by a positive outlook from Goldman Sachs. Early this morning, Goldman Sachs initiated coverage on Cleveland-Cliffs with a buy rating, citing potential benefits from President-elect Donald Trump's anticipated trade policies. Analyst Mike Harris highlighted that these policies could favor the U.S. steel industry, suggesting that both cyclical and structural factors might drive earnings growth for domestic steel producers like Cleveland-Cliffs. The analyst's optimistic view includes a forecast of 3% annual volume growth and 1% annual pricing growth for Cleveland-Cliffs, with a projected 47% compound annual growth rate over the next two years.
Cleveland-Cliffs shares are currently trading at $13.04, reflecting a 4.74% increase from the previous close of $12.45 and a 1.87% rise from the opening price of $12.80.