Goldman Sachs raises target for Cleveland-Cliffs stock to USD 13.00

Published on 10/20/2026 at 19:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Third-quarter revenue reached USD 5.60 billion. Cleveland-Cliffs stock costs EUR 12.11 on October 20, 2026, minus 1.54 percent versus the Xetra close.

Analyst target and earnings

Goldman Sachs raised its Cleveland-Cliffs target from USD 12.00 to USD 13.00 on October 20, 2026.
Third-quarter revenue reached USD 5.60 billion and adjusted EBITDA reached USD 612.00 million on October 19, 2026.
Cleveland-Cliffs stock cost EUR 12.11 at Lang & Schwarz on October 20, 2026, 1.54 percent below the Xetra close of EUR 12.30 on October 19, 2026.
The company had a USD 7.8 billion market capitalization and a negative P/E of -15.12 on October 20, 2026.

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Goldman Sachs raised its Cleveland-Cliffs target from USD 12.00 to USD 13.00 on October 20, 2026, while keeping a Neutral rating, according to Investing.com. The target sits 4.55 percent below the USD 13.62 NYSE price cited for October 20, 2026. Cleveland-Cliffs stock was trading at EUR 12.11 at Lang & Schwarz on October 20, 2026 at 7:43 p.m. CEST, minus 1.54 percent versus the Xetra close of EUR 12.30 on October 19, 2026.

Third-quarter earnings changed the picture

Cleveland-Cliffs reported third-quarter 2026 revenue of USD 5.60 billion and GAAP net income of USD 165.00 million for the period ended September 30, 2026. Adjusted EBITDA reached USD 612.00 million, up from USD 286.00 million in the second quarter, while diluted GAAP earnings per share came to USD 0.26 after a USD 0.25 loss in the second quarter, according to the company's investor-relations release.

The result also lifted the operating outlook. Cleveland-Cliffs expects fourth-quarter 2026 adjusted EBITDA of USD 715.00 million and expects full-year 2027 adjusted EBITDA to exceed USD 4.00 billion, based on the October 19, 2026 release from Yahoo Finance carrying the Business Wire announcement.

Stock remains below its yearly high

The USD 7.73 to USD 15.48 52-week range places the NYSE price of USD 13.62 on October 20, 2026, 12.02 percent below the high and 76.33 percent above the low. The same quote showed 27,371,933 shares traded, a market capitalization of USD 7.8 billion and a negative P/E of -15.12.

Valuation and steel peers

Goldman Sachs sees the higher target as dependent on supportive hot-rolled coil prices and cautions that muted volume growth could limit margin expansion, according to Investing.com. For comparison, Nucor traded at USD 260.35 on October 20, 2026, with a P/E of 20.76 and a USD 59.1 billion market capitalization, while Steel Dynamics traded at USD 242.81 with a P/E of 17.92 and a USD 34.8 billion market capitalization.

Comparison with peers

Cleveland-Cliffs: down 1.54 percent versus the Xetra close, P/E -15.12, market capitalization USD 7.8 billion.
Nucor: down 0.15 percent on NYSE, P/E 20.76, market capitalization USD 59.1 billion.
Steel Dynamics: down 0.96 percent on Nasdaq, P/E 17.92, market capitalization USD 34.8 billion.

What the target says about the stock

The revised USD 13.00 target remains below the USD 13.62 NYSE price, even as the third-quarter adjusted EBITDA improvement reached USD 326.00 million from the prior quarter. The contrast leaves earnings execution and steel pricing as the key figures for the next valuation step.

Market price and next steps

The October 19, 2026 earnings release delivered the latest operating milestone, while the October 20, 2026 Goldman Sachs target supplies the newest external valuation signal. Cleveland-Cliffs is a North American steel producer focused on flat-rolled products, iron ore and downstream processing, according to the company investor-relations page.

The further course of trading is shown by the continuously updated real-time quote of Cleveland-Cliffs stock.