Cleveland Cliffs (CLF) Could Be 55% Below Fair Value As Guidance Lifts Outlook

Cleveland-Cliffs (CLF) just delivered a much stronger third quarter, reporting a return to profitability, adjusted EBITDA of $612 million, and a stock move that caught investors’ attention following guidance indicating expectations for higher future profitability. The sharp 16.3% 1 day share price return to US$14.10 sits on top of a 52.4% 90 day share price return, yet the 1 year total shareholder return is still down 12.9%. This indicates that momentum has turned up recently while longer...