Barclays Upgrades Steel Producers Cleveland-Cliffs and Reliance Amid Market Selloff
Barclays has upgraded two major steel producers, Cleveland-Cliffs (CLF) and Reliance (RS), citing recent market selloffs as a strategic entry point for investors. The bank shifted its rating for Cleveland-Cliffs from Underweight to Equal Weight, setting a price target of $15. Similarly, Reliance received an upgrade from Equal Weight to Overweight with a price target of $507. Following the announcement, both stocks saw positive movement during Thursday's trading session, reflecting investor reaction to the improved outlook for the steel sector.
Topics: Steel Industry Stock Upgrades