Ivanhoe Mines (TSE:IVN) Trading 9.5% Higher Following Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN) were up 9.5% 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$11.25. Approximately 3,591,072 shares changed hands during mid-day trading, an increase of 52% from the average daily volume of 2,364,820 shares. The stock had previously closed at C$10.27.

Other equities research analysts also recently issued reports about the stock. Raymond James dropped 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 report on Thursday, January 9th. Citigroup cut their price target on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Scotiabank decreased their price target on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. TD Securities dropped their price objective 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. Finally, UBS Group decreased their target price on Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Eight equities research 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 target price of C$23.00.

Ivanhoe Mines Trading Up 9.5 %

The business’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 debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a market capitalization of C$10.67 billion, a price-to-earnings ratio of 68.02 and a beta of 1.94.

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.