B. Riley raises Cleveland-Cliffs stock target to USD 18.00

Published on 10/24/2026 at 21:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q3 revenue reached USD 5.60 billion on October 19, 2026. Cleveland-Cliffs stock costs EUR 12.43 on October 24, 2026 at 1:04 p.m. CEST.

Analyst target raised

B. Riley raised its Cleveland-Cliffs target to USD 18.00 from USD 15.00 on October 22, 2026.
Cleveland-Cliffs reported USD 5.60 billion in third-quarter 2026 revenue and USD 612.00 million adjusted EBITDA.
Cleveland-Cliffs stock costs EUR 12.43 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST.
JPMorgan set a USD 13.00 target and kept a neutral rating on October 22, 2026.

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On October 22, 2026, B. Riley analyst Nick Giles raised the Cleveland-Cliffs price target to USD 18.00 from USD 15.00 and kept a Buy rating, as Markets Insider reported. The target is 29.50 percent above the NYSE price of USD 13.90 dated October 23, 2026. Cleveland-Cliffs stock was trading at EUR 12.43 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST.

Target rises as earnings recover

The analyst move followed Cleveland-Cliffs' third-quarter results for the period ended September 30, 2026. The company reported USD 5.60 billion in revenue, GAAP net income of USD 165.00 million and adjusted earnings before interest, taxes, depreciation and amortization of USD 612.00 million, according to the Cleveland-Cliffs release dated October 19, 2026.

Revenue increased from USD 5.23 billion in the second quarter of 2026, while adjusted EBITDA improved by USD 326.00 million from USD 286.00 million. Steel product sales volumes reached 4.20 million net tons in the third quarter, and operating cash flow was USD 224.00 million.

NYSE price remains below yearly high

The NYSE quote stood at USD 13.90 on October 23, 2026 at 4:00 p.m. ET. The price was 9.45 percent below the USD 15.35 52-week high and 79.82 percent above the USD 7.73 low. Market capitalization was USD 7.90 billion, while reported volume reached 27,909,494 shares.

Targets point to a divided view

JPMorgan raised its target from USD 12.00 to USD 13.00 and kept a neutral rating on October 22, 2026, according to MarketBeat. B. Riley's higher target reflects improved 2027 outlook assumptions, while the same report cited elevated capital spending, peak steel-price concerns and union negotiations as risks.

The latest results also included fourth-quarter 2026 adjusted EBITDA guidance of USD 715.00 million and a company expectation that 2027 adjusted EBITDA will exceed USD 4.00 billion. Those figures place the target discussion against a recovery in profitability, but the company remains exposed to steel prices, demand and debt reduction execution.

What the target means for valuation

The USD 18.00 B. Riley target sits 29.50 percent above the October 23 NYSE price. The USD 13.00 JPMorgan target is 6.47 percent below that price, leaving a USD 5.00 spread between the two recent targets.

Stock quote and company details

Cleveland-Cliffs stock costs EUR 12.43 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Cleveland-Cliffs stock.