Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% on Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price was up 8.6% during mid-day 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$11.39 and last traded at C$11.15. Approximately 5,567,825 shares traded hands during mid-day trading, an increase of 132% from the average daily volume of 2,400,170 shares. The stock had previously closed at C$10.27.

A number of other brokerages have also weighed in on IVN. Raymond James lowered 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 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 on the stock in a research note on Thursday, January 9th. Scotiabank dropped 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. Citigroup lowered their price objective on 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, UBS Group decreased their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of C$23.00.

Ivanhoe Mines Price Performance

The stock has a market cap of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94. The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48. The business has a fifty day simple moving average of C$14.74 and a two-hundred day simple moving average of C$17.13.

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.