On September 22, cleveland-cliffs rose 5.18% in regular trading, trading at $12.6738/share, with turnover of $136 million. The stock rally was primarily driven by a wave of target price upgrades from major Wall Street institutions.

On the news front, JPMorgan recently raised its target price on cleveland-cliffs from $11 to $13 while maintaining a Neutral rating. Bank of America Securities had also previously lifted its target from $12 to $13. The consensus analyst target price stands at approximately $12.33, and the current stock price has now approached that level. The successive upgrades from leading investment banks have collectively reinforced positive market sentiment toward the company.

Additionally, the company announced in August a $1 billion investment plan for its Middletown Works facility, with $500 million in dedicated funding secured from the U.S. Department of Energy. This substantial capital commitment, backed by federal support, has further strengthened medium- to long-term growth expectations. Within the Steel & Iron sector, peers also traded higher, with Steel Dynamics up 1.74%, ArcelorMittal up 1.52%, and Nucor up 1.42%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)