Cleveland-Cliffs falls after Wells Fargo downgrade

Shares of steelmaker Cleveland-Cliffs CLF.N down about 3% at $15.70 premarket

Wells Fargo downgrades rating to "underweight" from "equal weight"

"The share move looks to us like an overreaction to an MOU with a foreign steel mill and potential rare earth deposits" analyst Timna Tanners says

Brokerage says it remains skeptical of attractive returns from the region citing a lack of information provided by co on other deposits

CLF on Monday reported a Q3 loss that was narrower than Wall Street estimates

Four of 15 brokerages rate CLF stock "buy", eight "hold" and three "sell" or lower; median PT is $12 - data compiled by LSEG

Shares up ~72% YTD