Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% on Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN) rose 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. Approximately 5,567,825 shares traded hands during trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Price Performance

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 firm has a market capitalization 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$14.74 and its 200-day moving average is C$17.13.

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.