Cleveland-Cliffs stock gets Wells Fargo upgrade to USD 14.00 target

Published on 10/08/2026 at 03:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached USD 5.2 billion for the period ended June 30, 2026. Cleveland-Cliffs reports again on October 19 as debt and pricing power shape the outlook.

CLF, US1858991011, Illustration mit AI erstellt.

Cleveland-Cliffs (ISIN US1858991011) stock was trading at USD 11.95 on the NYSE at 1:03 p.m. ET on October 7, 2026, down 2.45 percent from the prior close of USD 12.25. The latest analyst action came from Wells Fargo on October 6, when the bank moved Cleveland-Cliffs to Overweight from Equal Weight and lifted its target to USD 14.00 from USD 12.00, according to Yahoo Finance.

Wells Fargo sees pricing power

The upgrade rests on Wells Fargo's view that Canadian steel prices and contract resets can lift Cleveland-Cliffs' earnings in the second half of 2026 and in 2027. The bank projected USD 2.65 billion in 2027 EBITDA and based the USD 14.00 target on a 6.0 times 2027 EV to EBITDA multiple, Investing.com reported on October 6.

The same assessment identifies leverage as a central risk. Cleveland-Cliffs carried USD 7.703 billion of long-term debt at June 30, 2026, while Wells Fargo's projected 2027 net leverage was 2.6 times.

Revenue rises from first quarter

Cleveland-Cliffs reported USD 5.2 billion in consolidated revenue for the second quarter ended June 30, 2026, alongside 4.0 million net tons of steel product sales, according to the company's investor-relations page. Revenue increased from USD 4.922 billion in the first quarter, a 6.2 percent sequential gain, while operating cash flow reached USD 230.0 million in the second quarter.

The next results will show whether the pricing thesis is reaching reported earnings. Cleveland-Cliffs has scheduled its third-quarter 2026 results before the U.S. market open on October 19, with the conference call at 8:30 a.m. ET, per the company's October 1 release.

Consensus target stays close

The broader consensus was Hold across 11 analysts, with an average target of USD 12.45, according to MarketBeat. That target lies 4.2 percent above the USD 11.95 price, leaving the market focused on whether stronger steel pricing can offset debt and cost pressure.

Stock remains below yearly high

At USD 11.95 on October 7, 2026, Cleveland-Cliffs stood below its 52-week high of USD 16.70 and above its 52-week low of USD 7.73. Market capitalization was USD 6.82 billion on the same date, while the stock's next company checkpoint is the October 19 results release.