Ivanhoe Mines (TSE:IVN) Trading 6.1% Higher After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) shares rose 6.1% 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 company traded as high as C$11.28 and last traded at C$10.90. Approximately 2,980,011 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 2,358,494 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Stock Up 8.6 %

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 debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a 50 day moving average price of C$14.64 and a two-hundred day moving average price of C$17.08.

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.