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Why Cleveland-Cliffs Stock Got Rocked on Wednesday

TheMotleyFool

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Why Cleveland-Cliffs Stock Got Rocked on Wednesday: https://g.foolcdn.com/editorial/images/850033/workers-in-a-steel-mill.jpg

One market professional tracking the fortunes of Cleveland-Cliffs (NYSE: CLF) became notably less enthusiastic about its future on Wednesday. As a result, shares of the storied American steelmaker fell by more than 9% in value during that trading session.

Analyst Philip Gibbs of KeyBanc set the tone for Cleveland-Cliffs stock well before market open, when he downgraded it to sector weight (read: hold) from his preceding overweight (buy). The pundit noted that the company had surpassed his $13 per share price target.

Image source: Getty Images.

Source Fool.com

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