Ivanhoe Mines (TSE:IVN) Shares Up 8.2% on Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price shot up 8.2% during trading 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$11.28 and last traded at C$11.11. 2,590,679 shares changed hands during mid-day trading, an increase of 11% from the average session volume of 2,342,699 shares. The stock had previously closed at C$10.27.

IVN has been the topic of a number of other research reports. UBS Group decreased their target price on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Scotiabank decreased their target price on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. TD Securities reduced 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. Citigroup reduced their target price 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 dropped their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Ivanhoe Mines presently has a consensus rating of “Buy” and an average target price of C$23.00.

Ivanhoe Mines Price Performance

The company has a 50 day moving average of C$14.74 and a 200 day moving average of C$17.13. 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 market capitalization of C$10.33 billion, a price-to-earnings ratio of 65.90 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.