Ivanhoe Mines (TSE:IVN) Stock Price Up 8.7% Following 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 stock traded as high as C$11.39 and last traded at C$11.16. Approximately 4,755,394 shares changed hands during trading, an increase of 100% from the average daily volume of 2,378,872 shares. The stock had previously closed at C$10.27.

Other analysts have also issued reports about the company. UBS Group dropped their target price on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. TD Securities decreased their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Scotiabank dropped their price target on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. Raymond James lowered their target price 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. Finally, Citigroup lowered 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 report on Tuesday, February 25th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Trading Up 8.7 %

The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48. The firm has a market capitalization of C$10.58 billion, a price-to-earnings ratio of 67.47 and a beta of 1.94. The company has a fifty day moving average price of C$14.74 and a two-hundred day moving average price of C$17.13.

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.