June 3, 2023

Why Cleveland-Cliffs Is Jim Lebenthal’s Top Stock For 2022 – Cliffs Natural Resources Inc. (CLF)

Cerity Partners’ Jim Lebenthal named Cleveland-Cliffs Inc (NYSE:CLF) his top pick for 2022 on Tuesday. 

“These guys are just going to be minting free cash flow all year long,” Lebenthal said on CNBC’s “Fast Money Halftime Report.”

Raw material goods for steel manufacturing are low right now, while finished steel product prices are high and volume is growing, Lebenthal said.

Automobile demand is increasing, the flourishing housing market creates demand for home appliances and infrastructure spending is expected to continue, he added. 

With gross margins up as a result of the aforementioned steel manufacturing conditions, Lebenthal expects Cleveland-Cliffs to generate an abundance of free cash flow. 

See Also: What Are Whales Doing With Cleveland-Cliffs

Cleveland-Cliffs is “definitely my number one pick,” he emphasized.

CLF Price Action: Cleveland-Cliffs has traded as low as $12.77 and as high as $26.51 over a 52-week period.

The stock was up 3.93% at $22.59 Tuesday afternoon at publication.

Photo: xusenru from Pixabay.

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