Cleveland Cliffs (CLF)

July 27, 2022

Overly Bullish Consensus Ests. + an Implied EV-EBITDA Multiple >2x US Steel’s = Downgrade to SELL

By Gordon L. Johnson II

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November 8, 2021

The Commodity Bull Has Just Begun & CLF is (very) Well Positioned to “Flex” its Muscle; PT to $36.06

By Gordon L. Johnson II

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June 10, 2021

Using a Mid-Cycle Multiple, Even at Just 80% of the Curve, We See 22-30% Upside as Fated; BUY

By Gordon L. Johnson II

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March 2, 2021

We See CLF as Tactical Buy on Coming Fiscal Stimulus + Infrastructure Push ; Upgrade to Trading BUY

By Gordon L. Johnson II

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January 26, 2021

Strong 4Q Pre-Announce and Early ’21 Momentum, but Emerging Headwinds Force Us Down to a HOLD Rating

By Gordon L. Johnson II

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November 24, 2020

The “Yellen Put” Is Back and, with It, Are Chances for a Rotation Into Value; Upgrading CLF to BUY

By Gordon L. Johnson II

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October 20, 2020

With Tail Risk to the Upside, We Upgrade Our Rating to Hold and Temporarily Move to the Sidelines

By Gordon L. Johnson II

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July 31, 2020

Downgrade to SELL After CLF’s Outlook Conflicts with the Data & Its Future Growth Is Pinned to Hope

By Gordon L. Johnson II

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June 3, 2020

Playing Poker Against Someone w- a Chip-Making Machine (Fed) = Lose-Lose Situation; Upgrade to HOLD

By Gordon L. Johnson II

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April 16, 2020

It Appears Cliffs Burnt $546mn in Just 3 Months in a “Good” Market; So What Happens in “Bad” Market?

By Gordon L. Johnson II

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February 12, 2020

Beware the “Ides of March”, or in this Case 2-20-20 (i.e., CLF’s Earnings Date)

By Gordon L. Johnson II

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January 15, 2020

Does CLF Have a China Dumping Problem & Will ArcelorMittal’s Indiana Harbor Idlings Hurt 2020 Guide?

By Gordon L. Johnson II

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December 3, 2019

Is Diluting Your Equity Holders to Purchase a Struggling Channel Partner a Real-Solid Strategy?

By Gordon L. Johnson II

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September 25, 2019

Expected Tumble in Commodity Prices + “Clouds” Around Demand for CLF’s New HBI Plant = SELL

By Gordon L. Johnson II

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