Analyst Sees US Steel Price Rebound Under Trump’s Pro-Tariff Stance, Upgrades Cleveland-Cliffs Stock
GLJ Research analyst Gordon L. Johnson II upgraded Cleveland-Cliffs Inc. (NYSE:CLF) to Buy from Sell rating with a price forecast of $14.27.
The analyst notes the U.S. economy is in worse shape than many acknowledge. With Donald Trump set to take office on January 20, 2025, and his pro-tariff policies likely impacting sectors like steel, the analyst foresee a potential rise in U.S. HRC prices in the near term.
In particular, the analyst says that following Trump’s win (November 2016), and Joe Biden’s win (November 2020), U.S. HRC spot prices rose by +25.5% and +65.9%, respectively, three months out. However, since Trump’s win on November 5, 2024, U.S. HRC spot prices have declined by 6.9%.
Also, the positive seasonality typically seen in the U.S. steel sector from January to April, and …
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