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Cleveland Cliffs' stock may have more-than-doubled to $75 in the year since Barron's said shares were "cheap," but the publication says the iron ore producer "still looks reasonable and could trade up to $90." The key to performance, according to one analyst, is how the company goes about maximizing the earnings power of a spree of acquisitions that has some investors worried. There's also concern that the company has no interest in selling itself; rumors of a buyout by Brazil's Companhia Vale do Rio Doce last spring sent Cleveland-Cliffs shares to $92. Barron's says, however, that despite uncertainty over the more recent buys of stakes in projects in Brazil, Australia and the U.S., the 2005 purchase of 90% of Australia's Portman was a success, and calls the company's U.S. iron-ore operations "lucrative."

Sources: Barron's
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Source: Cleveland Cliffs Showing Its Mettle -- Barron's