- Cleveland-Cliffs (CLF +3.6%) continues to climb despite a downgrade to Sector Weight from Overweight at KeyBanc, as prices for industrial metals extend their powerful surge to multi-year highs.
- KeyBanc analyst Philip Gibbs says the shares are fully valued following a rally that has seen the price double since his mid-November upgrade.
- "Despite management creating a more defensible business model via backward integration through savvy M&A, fortifying balance sheet integrity, and offering shareholder returns potential in late 2021-22, we see shares fully valued currently," Gibbs writes.
- Last week, Cleveland-Cliffs reported slightly below consensus Q1 adjusted earnings and revenues but raised guidance for full-year adjusted EBITDA.