Cleveland-Cliffs Stock Draws Bullish Targets Ahead Of Q3

Cleveland-Cliffs Inc. stocks have been trading up by 7.91 percent amid upbeat sentiment on stronger steel demand and pricing.

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Key Takeaways Traders Need To Know

GLJ Research hiked its Cleveland-Cliffs price target to $17.48 after management backed Q3 EBITDA of about $575M and flagged a possible $700M print for Q4.
The company reiterated Q3 adjusted EBITDA of roughly $575M, up sharply from $286M in Q2, signaling strong steel-cycle momentum for CLF.
BofA and JPMorgan both raised CLF price targets to $13, citing solid U.S. auto demand, stronger steel pricing, and support from U.S. steel tariffs.
CLF will report Q3 2026 earnings and host its analyst call on 2026/10/19 before the U.S. open, setting up a key trading catalyst.

Live Update At 12:33:00 EDT: On Monday, October 05, 2026 Cleveland-Cliffs Inc. stock [NYSE: CLF] is trending up by 7.91%! Discover the key drivers behind this movement as well as our expert analysis in the detailed breakdown below.

Quick Financial Overview

Cleveland-Cliffs (CLF) has been climbing back onto traders’ radar as earnings momentum and the chart finally start pointing in the same direction. On the tape, CLF has bounced from the high $11s to the low $12s over the past couple of weeks, with recent closes near $12.22 after dipping to around $11.01 late last month. That is a modest move, but for a steel name, steady higher lows matter.

Intraday on the latest session, CLF opened near $11.36 and worked its way steadily higher, grinding from the $11.50s into the $12.20s by midday. The five‑minute candles show controlled, stair‑step buying rather than a wild short squeeze. That tells traders this is more accumulation than pure hype.

More Breaking News

Under the hood, Cleveland-Cliffs is still cleaning up a tough cycle. Revenue sits near $18.61B, but margins remain thin, with recent net income negative even as EBITDA turns positive again. Debt is heavy, and interest coverage is tight at 0.8, so CLF cannot afford a deep downturn. The good news: operating cash flow of about $230M last quarter and free cash flow of roughly $73M show the business is generating real cash again, giving the stock room to ride a stronger steel market.

Why Traders Are Watching CLF Into Earnings

For active traders, CLF is all about the earnings ramp and whether the company can finally turn operating momentum into sustained price momentum. Cleveland-Cliffs reiterated in July that it expects Q3 adjusted EBITDA of about $575M, up from $286M in the prior quarter. That is a huge sequential jump. Management also pointed to further improvement in the following quarter, effectively sketching a path toward roughly $700M in Q4 EBITDA if conditions hold.

GLJ Research leaned hard into that story. The firm raised its CLF price target from $15.60 to $17.48 and reiterated a Buy rating after management reaffirmed confidence in that Q3 number and hinted at the Q4 step‑up. GLJ’s Q3 and Q4 EBITDA estimates are now 15% and 25% above Street consensus. When one analyst pushes estimates that far above the crowd, it tells traders that at least some on the Street think the bar is still too low.

Others are warming up, even if they stop short of outright bullish ratings. BofA nudged its Cleveland-Cliffs target from $12 to $13 and kept a Neutral stance, pointing to better‑than‑expected U.S. auto production in July and ongoing strength in August. That matters because CLF is heavily tied to auto steel; stronger car builds usually mean stronger pricing and volumes for the company.

JPMorgan also raised its CLF target from $11 to $13, again with a Neutral rating, citing healthier steel pricing and continued support for U.S. steel tariffs under Section 232. Tariffs help keep imported steel from flooding the market, which supports pricing for domestic players like Cleveland-Cliffs.

On top of that, the broader backdrop looks supportive. The U.S. President is expected to back a massive $15B Mesabi Metallics steel facility in Iowa, a signal that policy is tilting toward long‑term domestic steel capacity and demand. That does not show up in tomorrow’s earnings, but it reinforces the idea that U.S. steel, and by extension CLF, still sits in the policy sweet spot.

With CLF hosting its Q3 2026 earnings call on 2026/10/19 before the open, traders now have a clear near‑term catalyst. Insider Form 4 filings show some recent beneficial‑ownership changes, but with no detail on direction or size, they are more noise than signal. The real focus is whether Cleveland-Cliffs delivers on the $575M EBITDA promise and what they guide for Q4.

Conclusion

Heading into the 2026/10/19 report, CLF is lining up as a classic sentiment‑shift setup. The stock is not running away yet, the average Street target still hovers around $12.33, and big banks like BofA Securities and JPMorgan are only at $13 with Hold‑type views. That leaves room for surprise if Cleveland-Cliffs prints the $575M EBITDA it has promised and leans into that ~$700M Q4 narrative.

At the same time, traders cannot ignore the risk side. Cleveland-Cliffs still carries significant leverage, margins have been negative at the net level, and steel pricing is always one macro shock away from rolling over. New capacity like the Mesabi Metallics project supports long‑term demand for domestic steel, but it can also cap pricing if supply grows faster than consumption.

For day traders and swing traders, the plan is simple: map key levels, watch how CLF reacts to the Q3 numbers versus the $575M bar, and pay close attention to Q4 commentary on auto demand and tariffs. As Tim Sykes likes to say, “The market rewards prepared traders, not hopeful gamblers.” As Tim Bohen, lead trainer with StocksToTrade says, “Time and experience have taught me that missed opportunities are part of the game. There’s always another setup around the corner.” Cleveland-Cliffs is giving the market a clear story and a clear date. The edge will go to those who study the numbers, respect the volatility, and cut losses fast if the thesis breaks.

This article is for educational and research purposes only and is not investment advice.

This is stock news, not investment advice. StocksToTrade News delivers real-time stock market updates tailored to highlight the key catalysts driving short-term price movements. Our coverage is designed for active traders and investors who thrive in fast-moving markets, with a focus on volatile sectors like penny stocks, AI stocks, Robinhood stocks and other momentum plays. From earnings reports and FDA approvals to mergers, new contracts, and unusual trading volume, we break down the events that can spark significant price action.

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