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

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

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

Ivanhoe Mines Price Performance

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 50-day simple moving average of C$14.64 and a 200-day simple moving average of C$17.08. The stock has a market cap of C$10.57 billion, a PE ratio of 67.41 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.