US Stock Movements: Cleveland-Cliffs surged on October 23 as Q3 turned profitable, EBITDA outlook improved, and target price was raised.

Cleveland-Cliffs October 23 Surge Analysis

Keywords: Q3 turnaround, EBITDA outlook, target price raised

1. On October 19, the company reported adjusted EBITDA of $612 million and net profit of $165 million for Q3 2026, with revenue of $5.61 billion, an 18.6% year-on-year increase. This marks a turnaround from a net loss of $234 million in the same period last year. The company primarily produces flat steel and is a main supplier of automotive steel. Public analysis released on October 23 highlighted a significant increase in the adjusted EBITDA outlook for 2027 as well as debt reduction and modernization plans for production lines.

2. On October 22, B. Riley Securities maintained a Buy rating and raised the target price to $18.

3. As disclosed on October 23, U.S. Targeted Value ETFDFAT increased its holding of Cleveland-Cliffs by 246,994 shares on Wednesday, valued at $3.5 million.

(Disclaimer: This content is summarized from publicly available information by AI technology and is for reference only. It does not constitute investment advice.)