Cleveland-Cliffs stock: B. Riley lifts target to USD 18

Published on 10/30/2026 at 18:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cleveland-Cliffs stock gets a higher B. Riley target after its third-quarter update. The analyst keeps a Buy rating as debt reduction moves into focus.

What B. Riley sees next

B. Riley raised its Cleveland-Cliffs price target while retaining a Buy rating.
The firm expects stronger earnings and debt reduction to support the outlook.
Higher capital spending and union negotiations remain important investor considerations.

CLF, US1858991011, Illustration mit AI erstellt.

B. Riley raised its price target for Cleveland-Cliffs from USD 15.00 to USD 18.00 on October 22, 2026, while retaining its Buy rating, according to Investing.com.

Higher estimates after earnings

The brokerage lifted its 2027 adjusted EBITDA estimate to USD 3.1 billion from USD 2.3 billion. The change was linked mainly to a higher first-half 2027 hot-rolled coil price assumption of USD 1,200 per ton instead of USD 1,000.

B. Riley expects Cleveland-Cliffs to begin an aggressive debt reduction campaign, supported by neutral working capital, asset-sale proceeds and stronger earnings. The company expects adjusted EBITDA of USD 715 million in the fourth quarter and more than USD 4 billion in 2027.

The third-quarter update also showed adjusted EBITDA of USD 612 million, above prior guidance of USD 575 million. Revenue reached USD 5.6 billion, while adjusted earnings of USD 0.28 per share exceeded the reported USD 0.22 estimate.

Risks remain for investors

Capital spending is expected to rise above USD 1 billion in 2027 as Cleveland-Cliffs funds reline work and other strategic projects. Union negotiations remain another uncertainty that could affect the company's cost structure and operating outlook.

Cleveland-Cliffs stock traded at 12.51 euros on Lang & Schwarz at 18:43 CET on Friday, October 30, 2026. Investors can follow the real-time quote of Cleveland-Cliffs stock.