Take A 30% Gain on Cleveland-Cliffs
Infrastructure-related stimulus will likely arrive at some point in 2021, but the rallies in these sectors look very overextended. Our target price for CLF was $22 by the second half of 2021. It’s covered much of this ground in a matter of weeks. Since we might may be able to re-enter this position on favorable terms in the months ahead, let’s take gains today.