Barclays Raises Cleveland-Cliffs (CLF) Price Target to $12
Key Points
- Barclays reiterated its Underweight rating on Cleveland-Cliffs Inc. on October 22, 2026, and raised its price target from $11.00 to $12.00.
- Barclays's $12 price target implies 10.52% downside from Cleveland-Cliffs Inc.'s ($CLF) current $13.41 share price.
- Cleveland-Cliffs shares recently traded around $13.41, sitting above the new $12.00 target and trailing the broader analyst consensus mean of $13.95.
- Institutional investors like Slate Path Capital and D.E. Shaw adjusted major stakes in earlier filings, while insider transactions included sales by top executives earlier in the year.
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Barclays maintained its Underweight rating on Cleveland-Cliffs Inc. CLF on October 22, 2026, while moving its price target from $11.00 to $12.00. The research note arrived as steel producers navigate changing market dynamics and Wall Street firms update their outlooks.
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Cleveland-Cliffs Inc.
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Barclays's Call on Cleveland-Cliffs
In its research note on October 22, 2026, Barclays reaffirmed an Underweight rating on Cleveland-Cliffs while lifting the price target to $12.00 from $11.00. The revised target remains below where the stock recently trades, reflecting a cautious stance on the steel maker's valuation relative to its peers.
Other Institutional Activity in Cleveland-Cliffs
Large investment firms have adjusted their positions in Cleveland-Cliffs ahead of recent market sessions. Slate Path Capital, LP grew its holdings by 9,165,970 shares, ending with 28,410,081 shares worth about $380,695,074. Shaw D.E. & Co., Inc. grew its holdings by 2,659,626 shares, ending with 15,385,109 shares worth about $206,160,454. Two Sigma Investments, LP grew its holdings by 1,278,069 shares, ending with 15,200,394 shares worth about $203,685,273. Fairfax Financial Holdings Ltd held steady with 14,899,273 shares valued at about $199,650,252.
Cleveland-Cliffs Inc. Stock Down 1.8%
Cleveland-Cliffs shares recently traded around $13.41 as of October 22, 2026, sitting close to the closing price of $13.40 recorded on the same date. The recent price sits above both its 50-day moving average of $12.10 and its 200-day moving average of $11.34. The stock trades below its 52-week high of $15.35 and well above its 52-week low of $7.73. The spot price remains below the analyst consensus mean price target of $13.95.
$CLF price target
Cleveland-Cliffs Inc. daily closes and this analyst's $12 target. Not advice.
Recent Earnings
Cleveland-Cliffs generated trailing-twelve-month revenue of $20.07 billion. The company reported negative earnings per share of $0.83 over the same period, alongside a net margin of -2.4% and a return on equity of -7.3%. The company's next earnings release is scheduled for February 8, 2027.
Insider Buying and Selling at Cleveland-Cliffs Inc.
Company insiders executed several transactions earlier in the year. Chief Executive Officer Lourenco Celso Goncalves sold 3,000,000 shares on February 11, 2026, at an average price of $12.42 for a total value of $37,257,300. Director Edilson Camara bought 19,700 shares on February 13, 2026, at $10.13 per share, totaling $199,626. Chief Operating Officer Clifford T. Smith sold 200,000 shares on February 17, 2026, at $10.46 for $2,092,080. Chief Financial Officer Celso L. Goncalves Jr. sold 214,308 shares on June 5, 2026, at $13.41 for $2,874,642.
Analysts Set New Price Targets
Wall Street firms have actively updated views on the stock around the same period. On October 20, 2026, Morgan Stanley maintained its Equal-Weight rating and raised its target from $12.50 to $14.00. Wells Fargo maintained an Overweight rating on October 20, 2026, lifting its target from $14.00 to $17.00. On October 22, 2026, B. Riley Securities maintained a Buy rating and moved its target from $15.00 to $18.00. JP Morgan maintained a Neutral rating on October 22, 2026, while adjusting its target from $12.00 to $13.00. Across the broader analyst community, the stock holds a consensus hold recommendation from 10 analysts, with a high target of $18.00 and a low target of $12.00.
About Cleveland-Cliffs
Cleveland-Cliffs operates as a prominent steel producer in North America, manufacturing a wide variety of flat-rolled steel products, stainless items, and plate products used across automotive, infrastructure, and industrial manufacturing sectors. The company's operational footprint includes mining, iron pellet production, and advanced finishing facilities.
Bottom Line
Barclays's updated target offers a specific benchmark to watch as market conditions evolve. Investors will monitor upcoming reports and operational updates leading into the next earnings announcement scheduled for February 2027 to gauge whether steel demand supports current valuation levels.
Related Filing Alerts
Source: Barclays's rating change on $CLF (Oct 22, 2026). Written by software, not financial advice. How we make alerts