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

Ivanhoe Mines Ltd. (TSE:IVN)’s share price traded 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 stock traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares traded hands during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Price Performance

The stock has a market cap of C$10.57 billion, a P/E ratio of 67.41 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. The business’s 50-day simple moving average is C$14.74 and its two-hundred day simple moving average is C$17.13.

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.