Cleveland-Cliffs Inc. (NYSE:CLF), a Cleveland, Ohio-based steel producer, is preparing to disclose its financial performance for the fourth quarter prior to the market opening on Monday, February 9. Industry analysts anticipate the company reporting a per-share loss narrowing to 62 cents, compared to a 68-cent loss in the corresponding quarter of the previous year. Consensus projections also indicate a rise in revenue to approximately $4.59 billion, up from $4.33 billion reported during the same period last year, based on data compiled by Benzinga Pro.
In recent corporate developments, Cleveland-Cliffs and SunCoke Energy reached an agreement on November 18 to extend their cokemaking contract for an additional three years, further solidifying operational partnerships crucial to the company's supply chain.
Market performance in the lead-up to the earnings announcement shows increased investor confidence, with Cleveland-Cliffs shares climbing 6.4% to close at $14.73 on the Friday preceding earnings. This uptick signifies heightened market attention as investors position ahead of the report.
Analyst activity in recent months showcases a spectrum of opinions about the stock’s outlook. Martin Englert of Seaport Global downgraded his rating from Buy to Neutral as of January 23, 2026. Englert’s recommendations have historically demonstrated a 50% accuracy rate in predicting stock movement.
Conversely, Morgan Stanley’s Carlos De Alba upgraded Cleveland-Cliffs shares from Equal-Weight to Overweight on January 9, 2026, simultaneously increasing his price target from $12.80 to $17. De Alba’s prior analyses have yielded a 75% accuracy rating. Such an upgrade suggests optimism about the company’s prospects exceeding previous expectations.
Philip Gibbs of Keybanc lowered his stance from Overweight to Sector Weight as of January 7, 2026, holding an 85% accuracy in past forecasts. This adjustment reflects a more cautious position relative to sector peers.
On the opposite end of the spectrum, Wells Fargo’s Timna Tanners raised the rating from Underweight to Equal-Weight on November 14, 2025, and increased the price target modestly from $11 to $12. Tanners’ recommendations maintain a 74% accuracy rate, underscoring a reassessment towards improving valuation benchmarks for the company.
Citigroup’s Alexander Hacking provided a more neutral view by maintaining a Neutral rating in early November 2025 but lowered the price target from $12 to $11. Hacking’s analyst accuracy stands at 69%, indicating moderate confidence in forecast execution.
The diverse range of analyst ratings, combined with consensus revenue growth and narrowing losses, highlights a complex investment landscape for Cleveland-Cliffs as it approaches its earnings release. Investor strategies may need to consider these varying perspectives alongside the company’s operational updates and market performance.