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Strength Seen in Cleveland-Cliffs (CLF): Can Its 8.7% Jump Turn into More Strength?
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Cleveland-Cliffs (CLF - Free Report) shares ended the last trading session 8.7% higher at $20.90. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 22.8% gain over the past four weeks.
CLF’s shares rallied after a Morgan Stanley analyst upgraded it to “Overweight” from “Equal Weight” and raised its price target to $26 from $13.60. The analyst believes that the recently announced increase in fixed annual steel price contracts should enable the company to cope with lower forecast spot steel prices and generate strong free cash flow yields in the coming years.
This mining company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of -115.2%. Revenues are expected to be $5.38 billion, up 0.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 126.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CLF going forward to see if this recent jump can turn into more strength down the road.
Cleveland-Cliffs belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Newmont Corporation (NEM - Free Report) , closed the last trading session 1.8% higher at $53.40. Over the past month, NEM has returned 11.4%.
Newmont's consensus EPS estimate for the upcoming report has changed -4.4% over the past month to $0.35. Compared to the company's year-ago EPS, this represents a change of -55.1%. Newmont currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Cleveland-Cliffs (CLF): Can Its 8.7% Jump Turn into More Strength?
Cleveland-Cliffs (CLF - Free Report) shares ended the last trading session 8.7% higher at $20.90. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 22.8% gain over the past four weeks.
CLF’s shares rallied after a Morgan Stanley analyst upgraded it to “Overweight” from “Equal Weight” and raised its price target to $26 from $13.60. The analyst believes that the recently announced increase in fixed annual steel price contracts should enable the company to cope with lower forecast spot steel prices and generate strong free cash flow yields in the coming years.
This mining company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of -115.2%. Revenues are expected to be $5.38 billion, up 0.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 126.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CLF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Cleveland-Cliffs belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Newmont Corporation (NEM - Free Report) , closed the last trading session 1.8% higher at $53.40. Over the past month, NEM has returned 11.4%.
Newmont's consensus EPS estimate for the upcoming report has changed -4.4% over the past month to $0.35. Compared to the company's year-ago EPS, this represents a change of -55.1%. Newmont currently boasts a Zacks Rank of #3 (Hold).