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

Shares of Ivanhoe Mines Ltd. (TSE:IVN) rose 8.6% 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$11.39 and last traded at C$11.15. Approximately 5,567,825 shares were traded during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Price Performance

The company has a 50-day moving average of C$14.44 and a 200 day moving average of C$16.99. 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 stock has a market capitalization of C$10.04 billion, a PE ratio of 64.03 and a beta of 1.94.

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.