Ivanhoe Mines (TSE:IVN) Shares Up 8.7% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) traded up 8.7% 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$11.16. 4,755,394 shares were traded during mid-day trading, an increase of 100% from the average session volume of 2,378,872 shares. The stock had previously closed at C$10.27.

A number of other analysts have also recently commented on the stock. 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. Citigroup reduced their target price on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Scotiabank lowered 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 note on Thursday, January 9th. TD Securities dropped 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 report on Thursday, January 9th. Finally, UBS Group decreased their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Trading Down 5.0 %

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 price-to-earnings ratio of 64.03 and a beta of 1.94. The company’s 50-day moving average is C$14.44 and its 200-day moving average is C$16.99.

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.