Ivanhoe Mines (TSE:IVN) Shares Up 8.6% Following Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN) rose 8.6% 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$11.15. Approximately 5,567,825 shares were traded during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Other research analysts have also issued research reports about the company. TD Securities dropped their target price 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 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 note on Thursday, January 9th. UBS Group reduced their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. 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 note on Tuesday, February 25th. Finally, Scotiabank reduced their price objective on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, 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 market cap of C$10.57 billion, a price-to-earnings ratio of 67.41 and a beta of 1.94. 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 company has a fifty day simple moving average of C$14.74 and a two-hundred day simple moving average 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.