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

Shares of Ivanhoe Mines Ltd. (TSE:IVN) were up 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 company 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.

A number of other brokerages have also issued reports on IVN. Scotiabank dropped 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. UBS Group reduced their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Raymond James cut 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. TD Securities reduced their price target 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. Finally, Citigroup decreased their price target on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Ivanhoe Mines currently has a consensus rating of “Buy” and an average price target of C$23.00.

Ivanhoe Mines Stock Down 5.0 %

The firm has a 50-day simple moving average of C$14.44 and a 200 day simple moving average of C$16.99. 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 stock has a market capitalization of C$10.04 billion, a P/E ratio of 64.03 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.