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

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

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

Ivanhoe Mines Stock Performance

The firm’s 50 day simple moving average is C$14.74 and its 200-day simple moving average is C$17.13. The company has a market capitalization of C$10.57 billion, a price-to-earnings ratio of 67.41 and a beta of 1.94. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36.

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.