** Steelmaker Cleveland-Cliffs' shares CLF.N rise 2.3% to $12.97 premarket

** GLJ Research upgrades rating to "hold" from "sell"

** Brokerage says "supply squeeze" resulting from tight inventories, long lead times, tariff wall on imports has driven benchmark hot rolled coil steel prices higher than expected, offsetting presumed weak buyer sentiment and seasonal softness

** "U.S. HRC has continued to grind higher through the very window we flagged as weakest, and the driver we under-weighted, has proven both more durable and more price-supportive than we modeled." - GLJ Research

** Lifts price target to $15.01 from $9.03, representing ~18% upside to the stock's last close

** Two of 16 brokerages rate the stock "buy", 11 "hold" and three "sell"; their median PT is $11.50 - LSEG compiled data

** As of last close, stock had fallen 4.5% YTD