JPMorgan cuts target for Cleveland-Cliffs stock to USD 12.00

Published on 10/15/2026 at 21:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached USD 5.23 billion for June 30, 2026. Cleveland-Cliffs stock costs EUR 10.85 on October 15, 2026.

Analyst view and upcoming results

JPMorgan lowered its Cleveland-Cliffs target from USD 13.00 to USD 12.00 on October 9, 2026.
Second-quarter revenue reached USD 5.23 billion for the period ended June 30, 2026.
Cleveland-Cliffs stock traded at EUR 10.85 at 9:04 p.m. CEST at Lang & Schwarz on October 15, 2026.
Third-quarter results are scheduled for October 19, 2026.

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JPMorgan Chase lowered its Cleveland-Cliffs price target from USD 13.00 to USD 12.00 while keeping a Neutral rating in a report dated October 9, 2026, according to MarketBeat. The USD 12.00 target is 1.56 percent below the latest USD 12.19 NYSE price. Cleveland-Cliffs stock was trading at EUR 10.85 at Lang & Schwarz on October 15, 2026 at 9:04 p.m. CEST.

Revenue reached USD 5.23 billion

Cleveland-Cliffs reported USD 5.23 billion of consolidated revenue for the second quarter ended June 30, 2026, according to its investor-relations page. The finance statements show a net loss attributable to common shareholders of USD 145.00 million and diluted earnings per share of minus USD 0.25 for that quarter. Operating profit was negative USD 49.00 million, while operating cash flow reached USD 230.00 million.

The revenue figure was higher than the USD 4.92 billion recorded in the first quarter of 2026. That quarter also produced a larger net loss of USD 237.00 million and diluted earnings per share of minus USD 0.42. The comparison points to a sequential improvement in operating results, although the second-quarter net loss remained substantial.

Stock remains below its yearly high

On the NYSE, Cleveland-Cliffs was last quoted at USD 12.19 on October 15, 2026 at 3:09 p.m. ET, down USD 0.40 from the previous close of USD 12.58. Trading volume was 15,470,820 shares against an average of 18,680,134. The 52-week range was USD 7.73 to USD 16.70, placing the stock 26.99 percent below its high and 57.83 percent above its low.

Valuation and October 19 results

Cleveland-Cliffs had a market capitalization of USD 7.0 billion and a price-to-earnings ratio of minus 7.29 as of October 15, 2026. The company is scheduled to publish third-quarter 2026 results before the U.S. market open on October 19, 2026, with its conference call set for 8:30 a.m. ET, according to Cleveland-Cliffs.

Comparison with peers

Cleveland-Cliffs (NYSE, USD): price-to-earnings ratio minus 7.29, market capitalization USD 7.0 billion

Nucor (NYSE, USD): minus 0.91 percent, price-to-earnings ratio 20.30, market capitalization USD 57.8 billion

Steel Dynamics (NASDAQ, USD): minus 1.00 percent, price-to-earnings ratio 21.78, market capitalization USD 34.5 billion

Price and investor perspective

The combination of a negative price-to-earnings ratio and a target below the latest NYSE quotation leaves the October 19 results as the next concrete test for earnings recovery. The euro quote stood at EUR 10.85 at Lang & Schwarz on October 15, 2026 at 9:04 p.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Cleveland-Cliffs stock.