---
title: "Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284026531.md"
description: "CFRA maintains a Hold opinion on Cleveland-Cliffs Inc., lowering the 12-month target by $2 to $10 based on an EV/EBITDA of 8.0x for 2027. The 2026 loss per share estimate remains at $0.39, while the 2027 EPS forecast is reduced to $0.55. Despite expected improvements in domestic steel pricing and demand, concerns about high leverage and execution risks persist. Positive cash flow is anticipated starting Q2 2026, with Q3 expected to show full earnings potential. CFRA advises a Hold rating until sustained EBITDA growth is demonstrated."
datetime: "2026-04-24T14:45:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284026531.md)
  - [en](https://longbridge.com/en/news/284026531.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284026531.md)
---

# Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc.

10:45 AM EDT, 04/24/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target by $2 to $10, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, below CLF's three-year avg. fwd EV/EBITDA of 8.6x and below peers' avg. of 8.8x. We keep our 2026 estimate at a loss per share of $0.39 and we lower our 2027 EPS forecast by $0.26 to $0.55. We forecast sequential improvement through 2026 as trade enforcement supports domestic steel pricing and demand strengthens, particularly in automotive. We anticipate positive free cash flow generation starting in Q2 2026, with Q3 representing the company's full earnings power given minimal outages. Key tailwinds include steel import volumes at post-financial crisis lows, aluminum-to-steel substitution gaining momentum across automotive and other sectors, and extended lead times reflecting healthy market conditions. However, we remain cautious on CLF's elevated leverage (net debt of $7.7 billion) and execution risk on the pending POSCO transaction. We think a Hold rating is appropriate until CLF demonstrates sustained EBITDA growth.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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