Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher on 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 company traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares traded hands during mid-day trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Several other research analysts have also commented on IVN. UBS Group cut their price target on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. TD Securities cut 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. Scotiabank decreased their price target on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Citigroup cut their price objective on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Finally, Raymond James decreased their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of C$23.00.

Ivanhoe Mines Trading Up 8.6 %

The firm has a market cap of C$10.57 billion, a P/E ratio of 67.41 and a beta of 1.94. The business’s 50 day moving average is C$14.64 and its 200-day moving average is C$17.08. 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.