Wells Fargo analyst Timna Tanners maintained an Equal-Weight rating on Cleveland-Cliffs Inc. Tanners reduced the price target to $9.00 from $14.00.
This adjustment represents a 35.7% decrease in the valuation target. The new target suggests a 5.30% downside from the stock's previous close.
Steel market headwinds and company-specific challenges drove the revision. Citigroup also lowered its price target for the stock on Tuesday.