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

Ivanhoe Mines Ltd. (TSE:IVN) traded up 8.6% 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. 5,567,825 shares traded hands during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Several other analysts also recently commented on the stock. UBS Group lowered their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Citigroup cut 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. Scotiabank dropped their price objective on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. TD Securities cut their price target on shares of 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. Finally, Raymond James decreased their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target 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 market capitalization of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94. The company’s 50-day simple moving average is C$14.74 and its 200 day simple moving average is C$17.13.

About Ivanhoe Mines

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.