Ivanhoe Mines (TSE:IVN) Shares Up 9.5% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) shares rose 9.5% 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$11.25. Approximately 3,591,072 shares changed hands during mid-day trading, an increase of 52% from the average daily volume of 2,364,820 shares. The stock had previously closed at C$10.27.

Several other research firms have also recently weighed in on IVN. Scotiabank reduced their price target 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. Citigroup decreased 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. Raymond James cut their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. UBS Group lowered their target price on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Finally, TD Securities reduced their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research report on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of C$23.00.

Ivanhoe Mines Trading Down 5.0 %

The firm’s 50 day simple moving average is C$14.44 and its two-hundred day simple moving average is C$16.99. The stock has a market capitalization of C$10.04 billion, a P/E ratio of 64.03 and a beta of 1.94. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48.

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.