Cleveland-Cliffs (NYSE: CLF) Upgraded to Buy Amid Strong Financial Performance and Positive Outlook

• GLJ Research Upgrade: Cleveland-Cliffs (NYSE: CLF) received a "Buy" rating from GLJ Research, with a new price target of $15.60, indicating a potential upside of 30.87%.
• Strong Q2 Financials: The company reported a narrower adjusted loss of $0.20 per share and revenues of $5.20 billion, surpassing estimates, primarily driven by higher steel pricing.
• Positive Outlook: Management anticipates a robust second half of the year, projecting third-quarter adjusted EBITDA near $575.00 million and a return to positive free cash flow.

Cleveland-Cliffs (NYSE: CLF) is a large, vertically integrated producer of iron ore and steel products in North America. The company serves critical markets, including the automotive industry. Its activities span from mining raw materials to manufacturing advanced steel solutions, placing it at the center of industrial economic activity.

On July 24, 2026, GLJ Research upgraded Cleveland-Cliffs to a 'Buy' rating from its previous 'Hold' status. The research firm also set a new price target of $15.60 for the stock. At the time of the update, the stock price was $11.92, representing a potential upside of approximately 30.87%.

This optimistic view is supported by the company's recent performance. As highlighted by Zacks, Cleveland-Cliffs reported a narrower adjusted loss of $0.20 per share for the second quarter of 2026, beating estimates. Revenues also increased by 5.9% year-over-year to $5.20 billion, exceeding the consensus estimate of $5.10 billion.

The strong results were driven primarily by higher steel pricing. The average steel selling price increased by 10.7%, which helped boost the segment cash margin to $349.00 million. This financial gain occurred despite a decline in the total volume of steel shipped compared to the previous year.

Looking forward, Cleveland-Cliffs anticipates a stronger second half of the year. It returned to positive free cash flow, which is the cash generated after paying for business operations and investments. Management projects third-quarter adjusted EBITDA, a key measure of profitability, to be near $575.00 million, with even stronger results expected in the fourth quarter.