Ivanhoe Mines (TSE:IVN) Trading Up 8.6% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) rose 8.6% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The company traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares were traded during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Other equities research analysts have also recently issued reports about the stock. Raymond James decreased their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. TD Securities decreased their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a report on Thursday, January 9th. UBS Group lowered their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Citigroup cut their target price on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Finally, Scotiabank lowered their target price on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Ivanhoe Mines currently has an average rating of “Buy” and an average target price of C$23.00.

Ivanhoe Mines Trading Up 8.6 %

The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The firm has a 50 day moving average price of C$14.74 and a 200 day moving average price of C$17.13. The stock has a market capitalization of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94.

Ivanhoe Mines Company Profile

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.