Cleveland-Cliffs Inc (NYSE: CLF) was featured as the call of the day Thursday on CNBC's "Fast Money Halftime Report."
What Happened: JPMorgan (NYSE:JPM) analyst Michael Glick maintained Cleveland-Cliffs with an Overweight rating and raised the price target from $37 to $44.
Glick named Cleveland-Cliffs his top pick in the steel industry. The analyst believes the impact of the Russia-Ukraine war on steel prices is yet to be fully realized in North America. Glick also sees positives in the company's continued focus on paying down absolute debt.
"This is my largest position, haven't sold a share even though it's up something like 800% over the last two years," Cerity Partners' Jim Lebenthal said Thursday on CNBC.
Why It Matters: According to Lebenthal, Cleveland-Cliffs provided an update during JPMorgan's investing conference, noting that the company did $588 million in EBITDA during the month of January.
Analysts expect Cleveland-Cliffs to report $1.3 billion in EBITDA for the first quarter, but based on the January update, Lebenthal said the company is on track to easily exceed those estimates. Steel prices were depressed at the beginning of the year, which makes the EBITDA number all the more impressive.
"They're gonna blow these estimates out of the water," Lebenthal emphasized.
Although he isn't adding to his position amid Thursday's 11% jump, he told CNBC he won't sell a single share until the stock breaks into the "mid- to high-30s."
"If you do not own shares, you can buy it right here."
Related Link: This Is What Whales Are Betting On Cleveland-Cliffs
CLF Price Action: Cleveland-Cliffs is making new 52-week highs during Thursday's trading session.
The stock was up 11.4% at $32.49 at time of publication.
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