Cleveland-Cliffs Inc. (CLF) saw its stock rise by 3.05% to close at $12.83 on December 2, 2024, following a positive initiation of coverage by Goldman Sachs. The investment bank issued a Buy rating and set a price target of $16, citing a constructive view of the U.S. steel industry despite global oversupply concerns. This endorsement from Goldman Sachs, along with the Steel Manufacturers Association's call for stronger tariff protections, has bolstered investor confidence in domestic steel producers. The stock opened at $12.80, reached a high of $13.12, and traded on a volume of 10,221,376 shares, which is 76.70% of its average daily volume.
The positive sentiment was further supported by Cleveland-Cliffs' strategic initiatives, including its partnership with EDP Renewables for a long-term power purchase agreement, aligning with its sustainability goals. Additionally, the potential benefits from anticipated trade policies under President-elect Donald Trump, as highlighted by Goldman Sachs analyst Mike Harris, contributed to the stock's upward momentum. These factors combined to create a favorable environment for Cleveland-Cliffs, driving its stock higher throughout the trading day.