JPMorgan raises target for Cleveland-Cliffs stock to USD 13.00

Published on 10/06/2026 at 10:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue hit USD 5.23 billion in the second quarter versus USD 4.93 billion. Cleveland-Cliffs stock costs EUR 10.96 on October 6, 2026 after EUR 10.90.

CLF, US1858991011, Illustration mit AI erstellt.

JPMorgan raised its Cleveland-Cliffs price target from USD 11.00 to USD 13.00 while maintaining a Neutral rating, according to MarketBeat on September 9, 2026. Cleveland-Cliffs stock was trading at EUR 10.96 at Lang & Schwarz on October 6, 2026, up 0.55 percent versus the prior close of EUR 10.90.

JPMorgan sees USD 13.00 target

The revised target represents a USD 2.00 increase from JPMorgan's previous USD 11.00 objective. The rating stayed Neutral, keeping the analyst view cautious even as the target moved above the reported U.S. share price.

The latest completed quarter provides the operating basis for that reassessment. MarketBeat reported second-quarter 2026 revenue of USD 5.23 billion, compared with USD 4.93 billion in the prior-year quarter, a 5.90 percent increase. The same report said adjusted loss per share was USD 0.20, better than the USD 0.21 consensus loss.

Second-quarter cash flow turned positive

Yahoo Finance reported that adjusted earnings before interest, taxes, depreciation and amortization reached USD 286 million in the second quarter of 2026, three times the first-quarter level. Operating cash flow also turned positive at USD 230 million in the second quarter, giving the company a stronger cash-flow base ahead of its next report.

The company's investor-relations page lists second-quarter 2026 consolidated revenue at USD 5.2 billion and steel product sales volume at 4.0 million net tons for the quarter ended June 30, 2026. Those figures show the scale of the business, while the continuing net loss keeps profitability as the key test for the next update.

October 19 is the next test

According to Cleveland-Cliffs in its October 1, 2026 release, third-quarter results are scheduled before the U.S. market opens on October 19, 2026, followed by an analyst conference call at 8:30 a.m. ET. The report will show whether the second-quarter improvement in adjusted earnings before interest, taxes, depreciation and amortization carried into the second half.

CLF stock remains below its yearly high

At Lang & Schwarz, Cleveland-Cliffs stock was trading at EUR 10.96 on October 6, 2026 at 10:42 a.m. CEST, plus 0.55 percent versus the EUR 10.90 prior close. The primary listing is on the NYSE, where the finance snapshot showed a USD 7.0 billion market capitalization and a 52-week range of USD 7.73 to USD 16.70 as of October 5, 2026.