Ivanhoe Mines (TSE:IVN) Shares Up 8.7% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price rose 8.7% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The stock traded as high as C$11.39 and last traded at C$11.16. Approximately 4,755,394 shares were traded during trading, an increase of 100% from the average daily volume of 2,378,872 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Price Performance

The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The stock has a 50 day moving average of C$14.74 and a 200-day moving average of C$17.13. The company has a market cap of C$10.58 billion, a PE ratio of 67.47 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.