Ivanhoe Mines (TSE:IVN) Trading Up 7.8% Following Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) shares traded up 7.8% 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$11.07. 4,033,377 shares were traded during mid-day trading, an increase of 70% from the average session volume of 2,374,702 shares. The stock had previously closed at C$10.27.

IVN has been the topic of a number of other reports. Scotiabank cut 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 note on Thursday, January 9th. TD Securities lowered their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” 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 research note on Thursday, January 9th. UBS Group decreased their price objective on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Finally, Citigroup dropped 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 report on Tuesday, February 25th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ivanhoe Mines currently has a consensus rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Stock Performance

The firm has a market capitalization of C$10.50 billion, a P/E ratio of 66.99 and a beta of 1.94. The stock has a fifty day moving average of C$14.74 and a 200-day moving average of C$17.13. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48.

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.