Deutsche Bank Securities analyst Jorge Beristain wrote that 2008 guidance “remains on track” and upbeat. Beristain maintained his Buy rating on Cleveland-Cliffs and raised his target price to $115.

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The stock has almost tripled in the past 12 months on the demand for steel and its rising price. However, a major shareholder just plunked down $102 million, an average of $92.75 a share. Harbinger Capital now owns 13.9 million shares of Cleveland-Cliffs, a 15.3% stake. Harbinger has nvested more than $275 million in Cleveland-Cliffs.