Cleveland-Cliffs stock price forecast: JPMorgan sees a 35% upside

JPMorgan's Michael Glick says Cleveland-Cliffs stock could jump to $44.
Jim Lebenthal agrees with the bullish call on CNBC's "Halftime Report".
Shares of the mining firm are already up more than 10% on Thursday.

Cleveland-Cliffs Inc stock (NYSE: CLF) is up more than 10% on Thursday after a JPMorgan analyst named the mining company his “top pick” in the steel space.

Cleveland-Cliffs stock could climb to $44

Michael Glick reiterated CLF at “outperform” this morning and raised his price target to $44 that represents another 35% upside from here. He expects Cleveland-Cliffs to benefit from the Ukraine war that could see steel prices go as high as $1,500 a ton this year. The JPMorgan analyst wrote:

Glick also likes the Ohio-based company because it continues to pay down its absolute debt.

Jim Lebenthal agrees with the bullish outlook

On CNBC’s “Halftime Report”, Cerity Partners’ Jim Lebenthal, who has CLF as the largest position on his portfolio, agreed with the bullish call and said:

In its fiscal fourth quarter, Cleveland-Cliffs more than doubled its revenue on a year-over-year basis to $5.30 billion.