Cleveland-Cliffs Gets Double Upgraded as Analyst Looks to Rotate ‘Out of Tech Into Value’

Cleveland-Cliffs stock was rising Thursday after a GLJ Research analyst double upgraded the shares, calling the steel stock a “defensive play” in a high interest rate environment. Gordon Johnson upgraded shares of Cleveland-Cliffs to Buy from Sell with a $27.20 price target, which implies a 23% increase from the stock’s closing price on Wednesday. Johnson wrote in a research note Thursday that he believes interest rates are actually headed higher “as bond market investors demand higher yields to compensate for what we believe will be much higher than expected inflation.”