Why Cleveland-Cliffs Stock Popped by Nearly 21% This Week

Core Insights - Cleveland-Cliffs experienced a significant increase in stock price following better-than-expected quarterly earnings and positive analyst updates [2][5]. Financial Performance - In the second quarter, Cleveland-Cliffs reported revenue of $4.9 billion and a net loss of $247 million, which, while worse than the previous year, exceeded consensus analyst estimates [3]. Analyst Recommendations - KeyBanc's Philip Gibbs upgraded Cleveland-Cliffs to an overweight rating with a new price target of $14 per share, representing a 22% increase from the current stock price [5]. - J.P. Morgan's Bill Peterson raised his price target to $10 per share, over 30% higher, while maintaining a neutral recommendation [6]. - Morgan Stanley's Carlos De Alba increased his target from $8.00 to $10.50 per share, keeping a hold rating [6]. Market Context - Cleveland-Cliffs has been affected by tariffs imposed by the Trump administration, but recent negotiations suggest that the impact may be less severe than initially anticipated [8].