2024-05-28 11:12:40 ET
Summary
- Cleveland-Cliffs Inc. (CLF) stock sold off by over 26% over the past few weeks following an earnings miss. It's a great buying opportunity, in my view - Read On.
- The US auto sector is expected to continue recovering, leading to increased demand for steel and a positive financial impact for Cleveland-Cliffs.
- CLF's balance sheet is solid, with potential for buybacks and undervaluation of the stock by about 65% based on a DCF model.
- Despite numerous risks, I rate CLF as a "Buy" in the medium term.
Investment Thesis
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Cleveland-Cliffs Looks Solid On The Dip